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Fan Yang

USD/JPY Revives Bearish Bias with Break of Support

In the short to medium-term, USD/JPY is still bearish, but has become more choppy then the early February swing. The pair is possibly in the middle of consolidation, but we can't count out more downside risk.

USD/JPY 4H Chart 3/8

(click to enlarge)

When we look at the daily chart, we can see that price has started to trade sideways after the prevailing downtrend found support at 111.00 twice. The bullish attempts have been weak so far. 

Furthermore, price broke below 113.20, which was a support pivot created after Friday's mixed NFP jobs report.

USD/JPY - Key Support and Resistance Levels after Mixed Jobs Data

This should bring back some bearish bias in the medium-term. In the very near-term, we can anticipate a bounce during the 3/8 session, but we should limit the bullish outlook on any rebound. Unless price springs back above 114.00, I think USD/JPY has downside risk back towards that 111.00 low. 

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