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Jan 5, 2018 11:35 AM
By: AnalysisWatch
Short Term Trend: Bullish, Up-Trend
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Long Term Trend: Bullish Consolidation, Up-Trend above 114.15
USD/JPY failed to break the 112 level to hold above it and confirm this area as a strong support level. The USD/JPY success in recovering the losses as the pair was seen posting strong gains especially after the ADP-NFP news that was released yesterday.
Defensive Yen!
Triangular consolidation pattern has been formed above the range floor supported by the Moving Average in the 1 Hour pattern and according to the 50-hour MA, the support is 112.500.
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Any upside breakout exists based on the bullish momentum will keep the currency pair poised for further appreciation. However, any weakness could keep the USD/JPY pair consolidate between 113 and 112.04 level which is the area that USD/JPY has been consolidating for the past few weeks.
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The Bottom Line:
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The Japanese Yen has weakened aggressively against other currencies and especially against the EUR. We may see the Dollar-Yen touching the 114 level if it breaks the 113.77 resistance level and if this pair will depreciate it will keep consolidating between 113 and 112.04 level.
AnalysisWatch Key Support level:
S1: 112.57
S2: 112.34
S3: 112.04
AnalysisWatch Key Resistance level:
R1: 113.23
R2: 113.77
R3: 114.15
