The Japanese Yen is down greater than 4.8% in opposition to the US Dollar because the August yearly extremes with USD/JPY rallyin
The Japanese Yen is down greater than 4.8% in opposition to the US Dollar because the August yearly extremes with USD/JPY rallying right into a essential resistance threshold at recent five-month highs this week- we’re on the lookout for a response up right here. These are the up to date targets and invalidation ranges that matter on the USD/JPY weekly worth chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Sterling worth setup and extra.
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Japanese Yen Worth Chart – USD/JPY Weekly
Chart Ready by Michael Boutros, Technical Strategist; USD/JPY on Tradingview
Notes: USD/JPY is testing a essential resistance barrier at 109.36/68 – a area outlined by the 61.8% retracement of the yearly vary, the March low / July excessive, and the target yearly open. The broader August restoration is weak whereas beneath this threshold near-term and the main target is on a response off this mark.
Preliminary help rests with the August trendline backed by the 2017 low-week shut at 107.84. Broader bullish invalidation now raised to the yearly low-week reversal shut at 106.25– an in depth beneath this degree can be wanted to mark resumption of the broader downtrend. A topside breach / shut above 109.68 hold the deal with the following main resistance zone at 110.70-111.05 – search for an even bigger…