Technical view – USD/JPY
USD/JPY this week
SPOT USD/JPY Previous week OHLC
Open |
High |
Low |
Close |
Change |
|
|
|
89.24 |
90.18 |
87.77 |
90.05 |
0.88 |
Weekly Support and Resistance
Resistance |
Support |
R3 |
95.50 |
R2 |
91.30 |
R1 |
90.60 |
|
|
S1 |
89.30 |
S2 |
88.70 |
S3 |
87.60 |
USD/JPY ended another week higher, with gains of 0.98%, marking the tenth successive week of positive closes. The pair broke through crucial resistance at 89.50 and is trading close to the top end of the near- term bullish channel at 90.60. Close above could lead to a fresh rally with targets of 95.50. However, leading indicators are suggesting negative divergences. Expect high volatility.
Trend direction
-
Near and medium- term trend- Bullish
-
Long- term trend- Bearish
Recommendations
-
Short:
-
Short USD/JPY at 91.20 with a stop loss at 91.80 for a profit target of 89.00
-
Long:
-
Long USD/JPY at 92.25 with a stop loss at 91.50 for a profit target of 95.00