USD/JPY Forecast Aug. 12-16 – Yen rally continues as 105 within striking distance


Key news updates for USD/JPY


USD/JPY Technical Analysis

109.73 (mentioned last week) has held in resistance since the end of May. 109.35 is close by.

108.70 follows.

108.10 was a swing low in late May. 107.30 follows. 

106.61 has some breathing room in resistance, following strong losses by USD/JPY last week.

105.55 was tested in support for the first time since January. It starts the week as a weak line.

104.65 is next.

The round number of 104 was a key line in May 2008.

102.50 is next.

101.20 has held in support since September 2016.

USD/JPY Sentiment

I am remain bearish on USD/JPY

An escalation in tensions between the U.S. and China has sent the yen sharply higher in August. With neither side ready to blink, the crisis could continue, which could propel the safe-haven yen even higher.

Further reading:

Get the 5 most predictable currency pairs

Source link