USD/JPY Analysis - page 39
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The pair is ranging between 111.60 to 111.05 while risk remains on the downside. I'm expecting further decline if Usd/Jpy breaks out the range towards 111.00 level.
USD/JPY had briefly rebounded from 111.06 but it appears that the pair is about to test that level once again. I think it will soon break out below it and keep depreciating.
The pair made a move to the upside today, despite depreciation of the US dollar.
The pair started the week with a bullish gap, usd/jpy is very likely to break above 113 level, and accelerate to next resistance zone around 113.50/60.
USD/JPY rebounded from 112.00, I think it will rally toward 112.55 next. The medium term target is around 113.00.
Quick gains in the USD this week.
USDJPY on D1 has moved within the horizontal channel for 9 months already:
Therefore, do not assume that in the near future USDJPY will leave this channel. The channel width is about 600 old pips. The chart shows weekly candles in yellow. I believe that for another week USDJPY will move up and reach the upper limit of this channel at 114.30 by the end of next week. Resistance 114.30 is a strong level. Therefore, further downward movement will begin.
Usd/Jpy is consolidating the gain, resistance can be found at 113.80, and downside is limited to 113.10.
The US dollar eased off the monthly high, marked by USD/JPY earlier today. But the pair yet remains above the immediate support at 113.00 - 113.10 area.
hey guys, read this.
Wider recognition of bitcoin amid the digital currency’s soaring popularity could threaten the U.S. dollar’s global dominance, according to one commodity analyst.
The Cboe launched its highly-anticipated bitcoin futures contract on Sunday and CME Group will be kicking off its own futures contract later in December.
“This should bolster the increasing popularity of cryptocurrencies - so much so that they may pose a threat to the role of the U.S. dollar as the world's reserve currency,” Stephen Brennock, oil analyst at PVM Oil Associates, said in a note on Friday.
The biggest threat could come from oil-producing countries, Brennock pointed out.
“The advent of cryptocurrencies represents a fresh catalyst for commodity-producing countries wishing to abandon the dollar as a means of payment for oil,” Brennock said.
what do you think?