USDJPY trending down, Yen supported by BOJ attitude
Although US non-farm data in August was not as expected. But the Bank of Japan has recently taken a hawkish stance on interest rate hikes, which has also significantly helped the yen's recovery.
The U.S. Bureau of Labor Statistics said Friday that nonfarm payrolls increased by 142,000 jobs last month, while July's gain was revised down to 89,000.
On the weekly chart of
USDJPY The downtrend still prevails but is temporarily limited by the technical level of 141,682. Note to readers in the previous issue for USD/JPY.
Although USD/JPY is recovering, the weekly trend is being shaped by the price channel and once USD/JPY breaks below the 0.618% Fibonacci level it will be eligible to continue falling with the next target level being possible. can reach 134,526 price points of fibonancci 0.786%.
As long as USD/JPY remains within the price channel and below the EMA21, the main outlook remains bearish and the recovery levels should only be considered a short-term technical correction. In addition, the confluence point between the upper edge of the price channel and the 0.50% Fibonacci level will be the current closest resistance.
USD/JPY downtrend will have important positions in trading as follows.
Support: 141,682 – 140,401
Resistance: 144,528 – 147,120
The U.S. Bureau of Labor Statistics said Friday that nonfarm payrolls increased by 142,000 jobs last month, while July's gain was revised down to 89,000.
On the weekly chart of
USDJPY The downtrend still prevails but is temporarily limited by the technical level of 141,682. Note to readers in the previous issue for USD/JPY.Although USD/JPY is recovering, the weekly trend is being shaped by the price channel and once USD/JPY breaks below the 0.618% Fibonacci level it will be eligible to continue falling with the next target level being possible. can reach 134,526 price points of fibonancci 0.786%.
As long as USD/JPY remains within the price channel and below the EMA21, the main outlook remains bearish and the recovery levels should only be considered a short-term technical correction. In addition, the confluence point between the upper edge of the price channel and the 0.50% Fibonacci level will be the current closest resistance.
USD/JPY downtrend will have important positions in trading as follows.
Support: 141,682 – 140,401
Resistance: 144,528 – 147,120
Nota
USD/JPY is trading below the 50-day and 200-day EMA, confirming the bearish bias. If USD/JPY recovers to 142.5, it will open up the possibility of testing the resistance area at 143.49. In case of overcoming the threshold of 143.49, buyers can push the exchange rate towards the next resistance mark at 145.89. It is important to note the impact of Japanese GDP figures and key US economic indicators. Conversely, if the exchange rate falls below 142, it could trigger stronger selling momentum, towards the support area of 141.03. The 14-day RSI is at 32.46, showing that USD/JPY may continue to fall to the 142 area before entering an oversold state.Nota
USDJPY increased strongly after yesterday's decline. During today's Asian session, USDJPY recovered to the hourly MA100 line, and then broke above this level. That move boosted the buyers and that is the driving force for the upward momentum again today.Nota
Nota
USD/JPY is testing resistance above 144.00
The summary of the BoJ's August meeting was released this morning, which is not new news as the information has already been priced in by the market. BoJ will be cautious in the next move to raise interest rates.
The yen weakened a bit. There are signs that USD/JPY is testing resistance above 144.00.
Nota
USD/JPY eased slightly below 149 following BoJ official Adachi's more hawkish commentsNota
The threat of Japanese rhetoric increases as USD/JPY breaks above 150
"Threat of verbal intervention increases as USD/JPY breaks above 150." This certainly has something to do with today's trading session, with USD/JPY up more than 150 points since Monday's Asian hour low.
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