The pair USD/JPY falls in a swing session of to below 130.00 after a round of US economic data suggesting the US Federal Reserve (Fed) may start raising rates in sizes of 25 basic points. Consequently, the Japanese yen (JPY) strengthened, sending the USD/JPY pair down 0.24%. At the time of writing, USD/JPY is trading at 129.92.
The USD/JPY pair remains biased to the downside, as the pair has held below the 20-day EMA at 130.60. Friday’s price action remains contained within the bounds of Thursday’s high and low, opening the door for a bullish harami candlestick formation, also known as an inside day in common bar chart lingo. Therefore, USD/JPY could rise before resuming its downtrend.
Therefore, the next resistance for USD/JPY would be 130.00, followed by the confluence of the 20 day EMA and a downtrend line around 130.60, which, once broken, could send USD/JPY higher towards the high of January 24 at 131.11. Breaking above will expose the January 18 high at 131.57.
As an alternative scenario, USD/JPY could fall towards 129.49, January 27 low. Once broken, the next support would be the weekly low of 129.02, followed by the low of 127.21.
|Last price today||129.92|
|Today Change Daily||-0.33|
|today’s daily variation||-0.25|
|today’s daily opening||130.25|
|previous daily high||130.62|
|previous daily low||129.02|
|Previous Weekly High||131.58|
|previous weekly low||127.22|
|Previous Monthly High||138.18|
|Previous monthly minimum||130.57|
|Fibonacci daily 38.2||130.01|
|Fibonacci 61.8% daily||129.63|
|Daily Pivot Point S1||129.31|
|Daily Pivot Point S2||128.37|
|Daily Pivot Point S3||127.71|
|Daily Pivot Point R1||130.9|
|Daily Pivot Point R2||131.56|
|Daily Pivot Point R3||132.5|
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
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