The dollar gained against other currencies after an unexpectedly strong US employment report indicated that the Fed will be able to fulfill its plan for a third rate hike this year. The pair USD / JPY rose by 0.6% to 110.67
The dollar / yen tried to lower yesterday, making the bottom at 109.55, but closing higher at 110.05. The first resistance is seen at 110.35 (yesterday's peak). A clear break above this level could lead to future upward pressure testing for 110.80 - 111.00 or higher. On the downside, a clear breakthrough and daily closure under the trendline support line and 109.50 / 00 will trigger the bearish pattern.
The dollar recorded a second consecutive loss against the yen on Wednesday. The US currency continued its losing session and as a result the first support at 109.62 was broken. However, short-term expectations are in favor of the dollar. Wednesday's trading was open at a rate of 110.30. The trend was volatile, but ultimately the bears prevailed and the pair hit the bottom at 109.55. The final line was cut at 110.05.
Key levels to watch for:
Support: 109.62; 108.80;
Resistance: 111.78; 112.18;
The US dollar was up against the Japanese yen on Friday. By the close of US trading, USD / JPY was trading at 109.19, gaining 0.001%. I believe that support is now at around 108.74, the low of Friday's trading, and resistance is likely at 110.92, Monday's high.
The US dollar recorded a rise against the Japanese yen on Monday. The currency pair opened at 109.15 and ended 45 pips higher. Graphics continued to grow below moving averages, while the relative strength index remained neutral. In case the upward movement continues we can expect a test of the second resistance at 111.00.
The US dollar recorded a significant rise against the Japanese yen on Tuesday. The session started at 109.60 and the dollar added 107 pips. If the direction continues upward, we can expect an attempt to test the first resistance at 111.00. Otherwise, in the downward direction, the pair will head to the first support at 109.50.
The US dollar recorded a decline against the Japanese yen on Thursday. Session started at 110.18 and after a volatile session the currency pair lost 63 pips. Short-term outlook remains neutral. Breaking the psychological limit at 109.50 is likely to direct the pair to 108.40.
The US dollar was down against the Japanese yen on Friday. By the close of US trading, USD / JPY was trading at 109.19, losing 0.36%. I believe that support is now at around $ 108.60, the low of Friday's trading, and the resistance is likely at 110.95 - the maximum of Wednesday.
The US dollar recorded a fall against the Japanese yen on Friday. The session started at 109.55 and the currency pair fell 40 pips. Daytime extreme values were reached at 108.59 and 109.59, respectively. At the end of the session one dollar was exchanged for 109.15 Japanese yen.