USD/JPY: technical analysis
USD/JPY keeps correcting within general uptrend. The most important support is clearly at the psychological level of 100.00 and the odds are the bears will test this level.
Monthly. This is the last week of May and on the monthly chart we see USD/JPY struggling to stay above the Ichimoku Cloud top (100.18). If the pair fails and closes the month below this level, there might be a much deeper correction.
Weekly. There’s an outside reversal (last week the price set a new high, but failed to close above the closing level of the previous week), Stochastic is in overbought area – bearish sign.
Daily. The targetof the upside triangle has been reached.
H4. The pair’s struggling at the lower edge of the Cloud at 100.97.
H1. Bearish intersection of 200-, 100- and 55-hour MAs.
Support: 100.18, 99.80, 98.20/15, 97.50.
Resistance: 102.60, 103.73, 105.00.
USD may fund support from the fundamental news – good data from US and the efforts of Japanese policymakers to reach 2% inflation target will make this pair appreciate.
Chart. Daily USD/JPY