OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/JPY attempts to upside failing

FXStreet (Barcelona) - USD/JPY is trading at 107.24, up 0.19% on the day, having posted a daily high at 107.42 and low at 107.05.

USD/JPY has opened up previously bid when testing resistance at 107.40, but has since tailed off and eyes 107.20 ahead of the 107 supporting figure. Analysts at TD Securities explain that from a technical perspective, they think recent price action supports the outlook for more USD/JPY weakness.

“Early October price action saw USD/JPY form a bearish key reversal day as the market tested, and failed against, the 110 area. Short-term technical patterns are softer and we think weakness below 106.54 (38.2% retracement of the 101/110 move up) will open the door up for a test towards the 104.50/105.50 range”.

USD/JPY noteworthy levels

Current price is 107.26, with resistance ahead at 107.38 (Daily Classic R1), 107.42 (Days High), 107.53 (Hourly 100 SMA) and 107.92 (Daily Classic R2). Next support to the downside can be found at 107.10 (Hourly 20 EMA), 107.07 (Daily Classic PP), 107.05 and 106.83.

GBP/USD taking it on the chin - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the pound was hit in the chin by worse than expected local inflation, down to 1.2% yearly basis, diluting chances of a rate hike in the UK.
Read more Previous

AUD/JPY: Relief rally falters at 200-day EMA, downside risks remain

AUD/JPY saw heavy selling since mid Tokyo on Tuesday, with bearish dynamics being re-established leading to a retest of 93.00 bids from a 94.50 high, with current price seeing a modest rebound towards 93.20/30.
Read more Next
Start livechat