USD/JPY Technical analysis 11 January 2019
2019-01-11 12:22 am | Resource: Technical Analysis | No Views : 177
The USDJPY is moving in a sideway direction in the near term.
The USD/JPY has already rebounded as we expected in the previous report to hit the 108.50 level as it faces selling pressure around this level, as well as the USD/JPY faces resistance around the Bollinger's moving average line.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to a lack of signals.
Therefore, we expect that the USD/JPY will retreat to levels of 107.72 - 106.80, and this scenario fails in case of stabilize above the 108.50 level.
The alternative scenario is that the USD/JPY broke level of 104.74 down to target the 99.75 level.
Our view is currently neutral around USD/JPY
The fundamental overview
• On the economic data level there are no reports or economic data that have a strong impact on the Japanese economy.
• The US Core Consumer Price Index and the US Consumer Price Index will be released on a monthly basis at 8.30 am GMT.
Resistance: 108.50 - 109.00 - 109.50
Support: 107.72 - 106.80 - 104.74
Major European stock markets were flat on Thursday as news of a tentative deal between the United States and China pushed up stocks. Meanwhile, in the UK, the media reported that a group of British parliamentarians had prepared legislation to prevent uncontrolled withdrawal from the bloc as the race continued for the seat of the Conservative Party leader and prime minister. The United States and China agree on a tentative…
- The US dollar rose as Federal Reserve rates fell 04:26 pm2019-06-26
- The dollar traded against major currencies after US data 04:01 pm2019-06-25
- US dollar fell against major currencies with the possibility of a rate cut 03:00 pm2019-06-24
- Dollar price fluctuated during the close of weekly trading 11:51 am2019-06-21
- Pound is falling after the Bank of England has fixed interest rates 12:11 pm2019-06-20
- Eur fell against major currencies as European stocks closed 04:17 pm2019-06-19
- Eur fell against major currencies after the comments of Mario Draghi 10:12 am2019-06-18
- Dollar Falls vs. Currencies Before Federal Reserve meeting 04:05 pm2019-06-17
- Greenback was mixed against major currencies at end of weekly trading 03:12 pm2019-06-14