Difficult to believe that until recently the US dollar (UUP, quote) was being written off by all and sundry, with some even suggesting that its days as the currency of first reserve were numbered. Many were calling for the Yuan to replace it, and even the euro in its current iteration. Others suggested a basket of currencies. How times have changed.
The USDJPY pair fell during the session on Monday, but as you can see found enough support near the 180 level to turn things back around and form a little bit of a hammer.
For the USD/JPY, 2014 could best be described in football terms as a game of two halves, when viewed from almost every perspective, and perhaps the most descriptive timeframe to consider is the weekly chart for the pair. And in considering the chart, it also highlights the broader issue from a trading perspective of the need to have an array of trading strategies to take advantage of the prevailing market
USDJPY’s upward movement from 101.06 extended to as high as 118.97.
USDJPY’s upward movement from 105.32 extended to as high as 117.05.
As another trading week and month gets underway, it’s time to take a look at several of the major currency pairs in the futures market ahead of what is likely to be an interesting time.
USDJPY stays above the upward trend line on 4-hour chart, and remains in uptrend from 105.32.
USDJPY stays above the upward trend line on 4-hour chart, and remains in uptrend from 101.50, as long as the trend line support holds, the fall from 105.70 could be treated as consolidation of the uptrend.
The USDJPY pair initially tried to rally during the session on Thursday, but as you can see fell back down as we continue to bang around the 102 level.
USDJPY has recently made a strong upside breakout from the descending triangle on a longer-term time frame. From there, price has made a strong rally past 102.00 then formed a bullish flag pattern, indicating that there could be buying pressure left.
