Can Dollar Remain Elevated Against The Japanese Yen?

Can Dollar Remain Elevated Against The Japanese Yen?

By: Oliver Miller | Where To Trade | On:30-01-2015 14:41
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Key Highlights

  • Fight between the US dollar and the Japanese yen buyers is getting interesting and might cause moves in the near term.

  • New Zealand Building Permits released by the Statistics New Zealand came in at -2.1% in December 2014, compared with the last increase of 10.5%.

  • New Zealand Visitor Arrivals report was also published, which registered an increase of 5.4% in December 2014, compared with the last time rise of 7.7%.

  • Japanese National Consumer Price Index is released by the Statistics Bureau rose by 2.4% In December 2014, compared to the last increase of 2.4%.

  • Japanese Unemployment Rate which comes from the Ministry of Health, Labour and welfare came in at 3.4%, compared with the expectation of 3.5%.

  • Japanese Industrial Production released by the Ministry of Economy, Trade and Industry registered an increase of 0.3% whereas the last reading was -3.7%.

USDJPY

The US dollar was seen following a nice ranging pattern against the Japanese yen, and reason for the same probably was the fact that the Japanese yen is not willing to give up easily. There were several hurdles around the 118.50 level, including a bearish trend line on the 4 hour chart, 100 hour moving average and 200 hour moving average. The most important one is 200 4-hour MA which is likely to act as a catalyst for the USDJPY pair in the near term. The best part is that the 61.8% fib retracement level of the last leg from the 120.69 high to 115.79 low is also around the same area.

Intraday Support Level – 117.40

Intraday Resistance Level – 118.40

  • Overall, as long as the pair is below the 200 MA it might continue trading lower.

  • A break above the mentioned MA could take the pair towards the 120.00 level.

On the downside, the swing low of 117.40 might continue to act as a barrier for the pair. A break below could take it towards the 116.50 level.

EURJPY

The Euro performed very badly against the Japanese yen, as it traded lower towards the 130.00 level. The encouraging point was the fact that the pair managed to gain buyers around the mentioned area and corrected higher. However, there is a monster bearish trend line formed on the 4 hour chart, which is sitting around the 38.2% fib retracement level of the last drop from the 141.69 high to 130.10 low. So, there is a major barrier around the 134.60 area, which if breached might take the pair towards the 100 4-hour MA. Any further gains might be limited considering the fact that the Euro is still under bearish pressure.

Intraday Support Level – 133.20

Intraday Resistance Level – 134.60

  • Selling rallies around the trend line look like a good option.

  • A break above the mentioned trend line would call for more gains moving ahead.

On the downside, the 133.00 level is the most important support, which might prevent more downsides in the near term. A break below the same might call a move towards the 130.00 level.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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