The Japanese Yen is one of the Technical Price Outlook: short-term Trade Levels
- The Japanese Yen technique, the level of trade and for the Daily update & 120min Charts
- The USD/JPY flight testing and initial support weekly opening range intact
- Constructive while above-106.42 – the follow-up of the resistance at 107.69
The The Japanese Yen it is more than 0.5% lower against the The US Dollar this week, with USD USD USD USD/USD carving a clean weekly opening range just above a short term uptrend support. This is the first test of the recent dollar in small groups, and it is a make-or-break here for the reversal button. This are the updates of the goals and levels of invalidation, that matter, on the USD USD USD USD/N technical price charts. Review my last Wthe previous weekly Strategy Webinar for an in depth breakdown of this Euro trade setup and more.
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The Japanese Yen’s Price Chart USD/JPY Daily
Notes: In my last The Japanese Yen Price Outlook we noted that the USD/JPY has been testing in 2019 and a low day-to-day, “with a a close below 106.10 necessary to fuel the next leg of Dollar’s decline.” Price-hero is that he is weak in the end of last week, with a break on Monday, decoy, catering up to 50% retracement of the decline in the month of April 107.69. The value of the opening area it is located just above the 106 handle, and we are looking for a break, for help.
The Japanese Yen’s Price Chart – GBP/USD 120min
Notes: A closer look a the Currency’s price action shows, the USD/JPY trading in a short term ascendant pitchfork the formation, with the price of the inversion of the upper part of 75% at the same time, in the beginning of the week. The decline is now trading just above the confluence of support at the lower parallel, it could travel 61.8% retracement the 106.67 with the 61.8% extension / it is open, fair, down to the 106.42/49for a look at the drop in exhaustion ahead of this threshold, IF the price is indeed head over. Monthly open the resistance the monitoring 107.13 supported closely by 107.37. A breach above the median line 107.69 would be necessary to mark the recovery to 108.09.
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The Bottom line: The USD/JPY is approaching the short-term uptrend, and the hold above 106.42 it is necessary to keep the flight viable in the days to come. From a point of view of the negotiation, look for the drawback of the depletion of the front of the lower parallel, with a breach above 107.69 necessary to fuel the next leg higher in price. Ultimately, a break / close below 106.10 would be needed to put the door back in control, with such a scenario, exposing the 61.8% retracement the 105.20. A Review of my last Japanese Yen Weekly Price Outlook for more information on the long-term USD/JPY technical trade levels.
The Japanese Yen, Trader Sentiment, USD/JPY Price Chart
- A summary of IG’s Client Sentiment shows traders are net long USD/JPY, the ratio is +1.15 (53.58% of traders are long) – sometimes read more
- The long positions are 8.82% more than yesterday and 1.99%, lower than last week
- The Short positions are 2.40%, lower than yesterday, and 9.90% more from last week
- In general, we can take it by going against the current of the crowd, sentiment and the fact that traders are net-long suggests the USD/JPY, prices could continue to fall. Traders are more net long than yesterday, but less net-long last week. The combination of the current position and recent changes gives a more mixed for the USD/JPY, the trading bias from a feeling point of view.
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— Written by By Michael BoutrosTechnical Currency Strategist with DailyFX
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