HomeContributorsTechnical AnalysisUSD/JPY Weakening Short-Term Bullish Momentum?

USD/JPY Weakening Short-Term Bullish Momentum?

USD/JPY is consolidating after its rebound from the low at 110.30. A break of the hourly resistance at 110.85 is needed to suggest something more than a temporary bounce. Strong resistance can be found at 113.75 (12/12/2017 high). The technical structure suggests further short-term downside moves.

We favor a long-term bearish bias. Support is now given at 99.02 (10/08/2013 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 93.79 (13/06/2013 low).

Swissquote Bank SA
Swissquote Bank SAhttp://en.swissquote.com/fx
Trading foreign exchange, spot precious metals and any other product on the Forex platform involves significant risk of loss and may not be suitable for all investors. Prior to opening an account with Swissquote, consider your level of experience, investment objectives, assets, income and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not speculate, invest or hedge with capital you cannot afford to lose, that is borrowed or urgently needed or necessary for personal or family subsistence. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Featured Analysis

Learn Forex Trading