Top: The USD/JPY fell sharply during the 5/23 Asian-European session. It is establishing a top, but is challenged by some support factors during the 5/23 US session. We have a rising short-term trendline, a support pivot at 101.23, and the 101 handle. The market appears to have found some temporary support there, but there has not been buying on this dip. Support: The next support could be the 99.90-100 handle, which held USD/JPY flat for a month…

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Bernanke: He defended QE, warning against premature tightening. But it looks like the turning point has already been reached. There is no talk of expanding QE measures, but rather a discussion on timing being too early. The market put on further USD strength after the testimony in front of the Joint Economic Committee. A lot of USD-crosses continue their recent trend. Because the timing of QE will depend on key economic data…

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Head and Shoulders: After pushing to 103.30 on the back of a good UofM consumer sentiment reading, the USD/JPY has stalled to start the week, coming down to about 102 before finding support. The market remains in this range, but has also started to form a head and shoulders. BoJ, Bernanke: The head and shoulders structure reflects a market that is tentative ahead of the BoJ meeting during the 5/22 Asian session…

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Consolidation: After breaking above a near-term flag consolidation, the USD/JPY broke above last week’s high of 102.14 and reached a high of 102.75 today before stalling. By the end of the 5/15 global session, the pair has show bit of expansion and then contraction in volatility, but is still above the 102.00 handle. It has set up a near-term consolidation range between 101.83 and 102.75…

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USD/JPY broke 102.0 yesterday during US trading hours. USD was again the main driver as the Greenback gained strength on the back of higher S&P 500 prices. However, price did not manage to move beyond the 50 pips of the 102.0 ceiling, but nonetheless it should be said that it is a good days for the bulls, as bulls managed to pull away from the Kumo and form a bullish Kumo Twist in the process of breaking 102.0. Hourly Chart The pullback…

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Flag: The 1H USD/JPY chart shows a market that has stalled after hitting the 102.00 mark. The pair broke out of a similar pattern last week and pushed above the 100 barrier. If the market does not break above the flag pattern, there is downside risk back to the 100 handle. A break back above 102.00 could be a sign of bullish continuation. When we broke the 100 barrier which held price in consolidation throughout April, a projection was toward the 104.00 handle…

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USD/JPY fell back towards 101.5 after failing to breach 102.0 following 3 attempts to do so yesterday. The decline during Today’s Asian session appears to coincide with the release of Japanese Domestic Corporate Goods Price Index, which came in better than expected in both the M/M and Y/Y numbers – 0.3% vs 0.1% expected and 0.0% vs -0.2% expected respectively. However, it is highly unlikely that JPY strengthened on such news, as this is generally not regarded as an important…

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By: Dima Chernovolov I recently subscribed to Autochartist’s latest e-mail feature and received this trade opportunity alert this morning. Autochartist’s latest feature provides traders with a quick morning technical outlook of the markets.   USD/JPY recently broke the Ascending Triangle chart pattern identified by Autochartist on the daily charts – as can be seen from…

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