Forex Analysis:USDJPY Bulls Need To Clear 107.00 Resistance

Bottom line: USDJPY medium term outlook still remains bullish against 101.18 lows since March 2020. The currency had dropped below 105.00 handle yesterday before bulls were back in control. They remain poised to push through 107.00 immediate resistance going further.

 Fundamental Outlook:

NZDUSD had managed to push higher towards 0.6759 levels before finding renewed selling pressure. The exchange rate has dropped below 0.6700 as we prepare to publish and might remain under pressure. NZDUSD Q2 GDP has shrunk to -12.4%, which restrict pushing through 0.6790 highs over the next few weeks. Watch out for RBNZ monetary policy on September 23, 2020 for further guidance.

USDJPY has given in over 200 points in the last 5 trading sessions and print 104.80 yesterday. The exchange rate is trading above 105.10 as we prepare to publish and it remains to be seen if safe haven US Dollar could recover against Japanese Yen. The anti-risk Japanese Yen has significantly gained against EURO, GBP and USD in the past few sessions.

SPX500 pushed higher through 3428 levels before selling off post FOMC yesterday. The indice finally managed to close lower by -0.50% at 3385 mark. Futures are trading lower today around 3360 mark for now and it remains to be seen if risk aversion continues further. The US Dollar Index might further strengthen in that case.

Technical Analysis:

USDJPY has dropped from 106.00/20 levels through 104.80 in the last few trading sessions and might have found interim support. Bulls would remain poised to be back in control until 104.20 support is intact. A push through 107.00 would be required to confirm that bulls are back into play.

USDJPY weekly chart has been suggesting a sideways consolidation within a long term triangle. After printing lows at 101.18 in March 2020, the currency might be looking to push towards 112.00 and higher to complete the rally. Ideally, 101.18 support should hold for bullish structure to remain intact.

Further, USDJPY had earlier dropped to 104.20 mark before bouncing to 107.00 levels. Please note it was just below the fibonacci 0.618 retracement of the rally between 101.18 and 111.75 respectively. Hence, the structure remains constructive for bulls until 104.20 support holds well.

Keeping the above in mind most traders might hold long positions from 106.00 levels, with a protective stop below support around 104.00 and projected targets towards 107.00, 109.85 and beyond. Only a break below 104.00 would change the above bullish structure.

Prepared by

Harsh Japee, Technical Analyst.

 

USDJPY Chart

 

Disclaimer:

“This market commentary and analysis has been prepared for AT Global Markets UK Ltd (ATFX UK) by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such.

You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.

 Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients.

The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.”

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

風險提示

MyFxtops邁投所列信息僅供參考,不構成投資建議,也不代表任何形式的推薦或者誘導行為。MyFxtops邁投非外匯經紀商,不接觸妳的任何資金。 MYFXTOPS不保證客戶盈利,不承擔任何責任。從事外彙和差價合約等金融產品的槓桿交易具有高風險,損失有可能超過本金,請量力而行,入市前需充分了解潛在的風險。過去的交易成績並不代表以後的交易成績。依據各地區法律法規,MyFxtops邁投不向中國大陸、美國、加拿大、朝鮮居民提供服務。

邁投公眾號

聯繫我們

客服QQ:981617007
Email: service@myfxtop.com

MyFxtops 邁投