On Thursday, the yen lost 11 pips of its asset. The day was opened at 113.16, and the top of the day was recorded in the first trading hours at 113.52. Bearing players recorded a bottom at 112.85. And for the last one dollar was worth 113.27 yen.
The dollar / yen tried to lower yesterday, making a bottom at 112.85, but closed higher at 113.28 and hit 113.57 earlier today. We have an upward pin bar near the 112.75 support, as can be seen on the daily chart, which suggests that the price is likely to be up for the upward rally after adjusting down from 114.50 on Tuesday. Traffic signals are bullish for testing at 114.00 - 114.50. On the downside, a clear break and a daily closing below 112.75 will activate my neutral model with short-term downside views.
The US dollar was down against the Japanese yen on Friday. By the close of US trading, USD/JPY was trading at 112.54, losing 0.65%. I believe that support is now at 112.28, the low of Friday's trading, and resistance is likely at 114.51 - Tuesday's high.
You know, there's a saying about the movement in the market that everything happens as expected until it doesn't, so I would say keeping an eye on both, fundamentals and technicals is really crucial, but when it comes to profound analysis you can stick to one that you believe in more.
The US dollar was down against the Japanese yen on Friday. By the close of US trading, USD/JPY is trading at 111.12, losing 0.71%. I believe that support is now at 111.02, the low of Friday's trading, and the resistance is likely at 112.88, Monday's high.
The US dollar recorded a volatile session against the Japanese yen on Monday. The currency pair opened at 111.08 and the price managed to break the first support at 111.00 twice. Eventually, the pair finished at 111.08 and if the bear trend continues, we can expect a new test of the first support level at 111,000.
The US dollar recorded a rise against the Japanese yen on Tuesday. The session started at 111.08 and the dollar added 80 pips. Daytime extreme values were reached at 110.82 and 111.95, respectively. The four-hour chart suggests an increased interest of the bulls to the couple, with a more significant goal of 114.00.
The US dollar recorded a decline against the Japanese yen on Wednesday. The session started at 111.88 and finished 72 pips lower. Daytime extreme values were reached at 112.18 and 111.05 respectively. If the bearish trend persists, the pair will most likely test the first support at 111.00.
The US dollar recorded a modest rise against the Japanese yen on Thursday. The currency pair opened at 111.16 and the price bounced back from 111.00. Eventually, the pair finished at 111.22 and if the bearish trend kept the most likely the dollar would be able to break the support at 111.00.
After two successive days for the dollar, yesterday the yen fully offset losses, taking 68 pips out of the US dollar. At the beginning of the day one dollar was quoted at 110.72 yen, and at the end of the session the rate was 110.04. Extreme values for the day were recorded at 109.85 and 110.82 respectively.
The dollar / yen had a bearish momentum yesterday, making the bottom at 109.85. The commercial signals are bearish in the near future for testing the trendline support line and 109.50 / 00, which remains a good area for purchases with narrow stops of loss.
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.
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.
