USD/JPY Puts in a Short-term Top

Fan Yang \ 9:37 AM 05/23/13

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…

Reaction to Bernanke: USD-strength (EUR/USD, USD/JPY GBP/USD, AUD/USD)

Fan Yang \ 12:23 PM 05/22/13

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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…

USD/JPY Trading in a Head and Shoulders Pattern Ahead of BoJ and Bernanke

Fan Yang \ 2:01 PM 05/21/13

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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…

USD/JPY Ends Week above 103 after Improved UM Consumer Sentiment Data

Fan Yang \ 5:28 PM 05/17/13

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Consolidation breakout: USD/JPY was consolidating this week between 102.75 and 101.83 with a prevailing bullish trend. The 5/17 US Friday session saw the pair push above 102.75 and close the week above 103, at 103.17. A general range breakout target is about 90 pips (range of the breakout) above the resistance, which targets 103.60-65…

USD/JPY Awaits Break from the 101.83 – 102.75 Consolidation Range

Fan Yang \ 10:47 PM 05/16/13

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Consolidation: After a strong rally last week, the USD/JPY has been quiet this week, though it did make a new high to 120.75. But since then it has established a consolidation range between that resistance and support at 101.83. The 5/16 session saw the market failing to push above and then failing to push below…

USD/JPY Has a Near-term Range Between 102.75 and 101.84

Fan Yang \ 6:34 PM 05/15/13

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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…

USD/JPY Forming a Flag Pattern

Fan Yang \ 7:45 AM 05/14/13

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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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