Japanese Yen adds to intraday losses; USD/JPY climbs to 148.80 amid broad-based USD strength
The Japanese Yen selling remains unabated through the early European session on Thursday, which along with a goodish pickup in the US Dollar demand, lifts the USD/JPY pair to the 148.80 region in the last hour. Data released earlier today showed that Japan clocked a smaller-than-expected trade surplus in June.
From a technical perspective, the USD/JPY pair showed some resilience below the 100-hour Simple Moving Average (SMA) on Wednesday, and the subsequent move up favors bullish traders. Moreover, oscillators are holding comfortably in positive territory and are still away from being in the overbought zone, suggesting that the path of least resistance for spot prices is to the upside. Hence, some follow-through strength back towards the 149.00 mark, en route to the overnight swing high near the 149.15-149.20 region, looks like a distinct possibility. The upward trajectory could extend further towards reclaiming the 150.00 psychological mark for the first time since late March.
On the flip side, the 148.00 round figure now seems to protect the immediate downside ahead of the Asian session low, around the 147.70 region. The latter nears the 100-hour SMA, below which the USD/JPY pair could retest sub-147.00 levels. Some follow-through selling might shift the bias in favor of bearish trades and drag spot prices to the 146.60 intermediate support en route to the 146.20 area, the 146.00 mark, and the 100-day SMA support, currently pegged near the 145.80 region\
TP 1 147.931
TP 2 147.342
TP 3 146716
RESISTANCE 149.233
The Japanese Yen selling remains unabated through the early European session on Thursday, which along with a goodish pickup in the US Dollar demand, lifts the USD/JPY pair to the 148.80 region in the last hour. Data released earlier today showed that Japan clocked a smaller-than-expected trade surplus in June.
From a technical perspective, the USD/JPY pair showed some resilience below the 100-hour Simple Moving Average (SMA) on Wednesday, and the subsequent move up favors bullish traders. Moreover, oscillators are holding comfortably in positive territory and are still away from being in the overbought zone, suggesting that the path of least resistance for spot prices is to the upside. Hence, some follow-through strength back towards the 149.00 mark, en route to the overnight swing high near the 149.15-149.20 region, looks like a distinct possibility. The upward trajectory could extend further towards reclaiming the 150.00 psychological mark for the first time since late March.
On the flip side, the 148.00 round figure now seems to protect the immediate downside ahead of the Asian session low, around the 147.70 region. The latter nears the 100-hour SMA, below which the USD/JPY pair could retest sub-147.00 levels. Some follow-through selling might shift the bias in favor of bearish trades and drag spot prices to the 146.60 intermediate support en route to the 146.20 area, the 146.00 mark, and the 100-day SMA support, currently pegged near the 145.80 region\
TP 1 147.931
TP 2 147.342
TP 3 146716
RESISTANCE 149.233
Gold free signale
t.me/GoldsignalMark804
My Channel link
t.me/GoldsignalMark804
Check my performance
t.me/GoldsignalMark804
My Channel link
t.me/GoldsignalMark804
Check my performance
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Gold free signale
t.me/GoldsignalMark804
My Channel link
t.me/GoldsignalMark804
Check my performance
t.me/GoldsignalMark804
My Channel link
t.me/GoldsignalMark804
Check my performance
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.