You are here: Home > articles > Forex > Technical Analysis – USDJPY in broad neutral trend; short-term bounce pauses at range-high
Technical Analysis – USDJPY in broad neutral trend; short-term bounce pauses at range-high
November 16, 2017 7:25 amVideo
Latest News
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
USDJPY is in a broad neutral trend as the market remains trapped in a range between 108–114 during the past 8 months. In the short-term, the pair rose towards the upper end of the range but has found strong resistance and reversed back down from a high of 114.73.
The bullish phase from 107.31 has turned neutral with prices currently consolidating mostly in the 113-handle. Yesterday’s dip below 113 has found support at the 50-day moving average resulting in a bounce back to test this key level.
Prices need to move further above the key 113 level in order to ease immediate downside pressure. This level is important since it is the 23.6% Fibonacci retracement of the upleg from 107.31 to 114.73. Failure to rise above it could result in prices threatening to break below the 50-day MA. A drop below the 200-day MA would bring further losses towards 111 (the 50% Fibonacci) and 110.15 (61.8% Fibonacci), moving towards the lower end of the range.
A rise above 114 would help USDJPY gain upside momentum for a re-test of the 114.73 high and then from here the overall trend would turn bullish to target the next high at 118.66.
In the big picture, USDJPY remains range-bound on the daily chart but short-term price moves have been bullish and trend indicators are bullish after the crossover of the 50-day MA above the 200-day MA.
Related Posts: