Price jumped off the level of 100 JPY per USD on Friday after Yellen’s speech. This was a key psychological level that acted as strong support to the down trend of the last few months. The indication that Federal reserve is likely to increase US interest rates in September has increased the prospects for strengthening the USD against other major currencies. However, the largest moves on Friday involved pairs such as USDJPY. This could be an indication that future strengthening could see relatively higher pip movements here.

Waiting for the opening of new weekly and daily pivot points, it is likely that price will open above the central pivot point for both weekly and daily. Both are expected to have central pivot points around the 101.2 level.

1 Support resistance: Price jumped off the psychological level of 100 JPY per USD. 2 Market: 21 and 55 EMAs show downward market trend, but lag behind on what could be seen as somewhat of a double bottom busy forming. 3 Price: 5, 8 EMA cross towards upward price trend on Thursday.

1 Support & resistance: Price jumped from WPP (and 100 price action level) to WM4 on Friday. 2 Market: 21 and 55 EMAs have converged and will cross if upward price trend continues. 3 Price: 5, 8 EMAs indicate upward action. H4 stochastic heading toward overbought.

1 Support & resistance: Similar to H4. 2 Market: 21 and 55 EMAs have crossed and are diverging indicating a strengthening upward market trend. 3. Price: Rapid bullish run on Friday has pushed H1 stochastic to overbought.

1 Support & resistance: Recent support encountered close to 38.2 Fibonacci level. 2 Market: Similar to H1. 3. Price: Price bounced off 8 EMA during "bull run" on Friday (dynamic support) which settled towards close of trading.

2 thoughts on “USDJPY”

  1. Miles says:

    Nice charts and analysis Henrico, thank you.

    1. Henrico White says:

      Thank you, Miles

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