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USD / JPY Trading Outlook

Friday 20th January

USD/JPY moved yesterday, yes you read my words correctly, it actually moved! It broke through the 76.87 resistance level during New York opening and didn’t look back until hitting a peak at the 77.30 resistance from 6th of Jan high. The pair has tested the 77.30 level again today and is currently approaching the support at 77.05, ranging between these levels until the next significant move.

Thursday 19th January

USD/JPY peaked yesterday at 76.87 but couldn’t find any more momentum and succumbed to the underlying mild negative outlook as it drifted downwards to the support at 76.65/70. This support could be broken but we need to get through 76.65/57 before we can expect the serious wave down to 76.33. The debate now centers around the EUR/JPY and possible intervention. This will not leave the USD/JPY unaffected.

Wednesday 18th January

USD/JPY dropped last night but got stuck at the 76.65 level, bounced off that a couple of times up to a high so far today of 76.81. Resistance lies at 76.84 (key 77.13) with support at 76.65 before 76.57 and the key is 76.33. The outlook is still negative but due to experiencing the lowest volatility since 2007, trading opportunities remain limited.

Tuesday 17th January

USD/JPY volatility was much higher than in recent weeks. It came down during the Asian session and again showed negativity during London opening, creating new support at 76.60 with covering bids at 76.57. Tertiary Industry Index came in lower than expected, putting more pressure on the Yen this morning and the pair has broken through its major moving averages with technical analysis suggesting further upside from here.

Monday 16th January

USD/JPY after a brief rally at the start of the Asian session, the pair has drifted downwards towards the resistance of 76.75 due mainly to Dollar strength carried over from the good news on Friday. Japanese stocks still look strong and EURJPY is in a continual downtrend which is not lacking in momentum. Senior officials are consistently hinting towards intervention if the pair drops too far and this will keep it in its 76-78.5 range for the foreseeable future.

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