Currency Analyst since 2010

USD/JPY is close to 100.00

USD/JPY has almost reached the 100.00 handle retracing 61.8% of the decline from May highs to June lows. The pair rose today to 3-week highs at 99.90.

There are many positive developments on H1 and daily charts, though the greenback is overbought on H4 and there’s a MACD divergence. Commerzbank analysts still favor a retest of the 93.60 in the next few weeks citing conflicting evidence on the intraday charts. In their view, only an unexpected close above 100.00 would neutralize their outlook and imply another test of the 103.73 (May high).

Resistance lies at 100.00, 101.25/30 (76.4% Fibo, top of the daily Ichimoku Cloud), 102.50 and 103.73. Support is at 99.28 (55-day MA), 98.70 (50% Fibo), 97.50 and 97.25.

Chart. Daily USD/JPY

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