Currency Analyst since 2010

USD/JPY: daily update

USD/JPY tested 98.62 today before returning a bit higher to 98.80. There’s a support in this area (top of the daily Ichimoku Cloud, Fibo retracement levels). The bulls may be able to revisit 99.00/15 area as the greenback is oversold on H1 and H4. We don’t rule out a rebound from this area, but see a scope for further declines. On the daily chart yesterday’s bearish candle engulfed the previous bullish one. Further support lies at 98.18 and 97.60/50. The latter is likely to be the start of a recovery. Resistance is found at 99.15, 99.40 and 99.70 ahead of the 100.00 handle.   

Chart. H4 USD/JPY

Chart. Daily USD/JPY

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