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Usdjpydaily

USDJPY Weekly spikes higherTechnical bias is also strongly bullish. Scope for test of 125.85 (2015 high). 5-DMA is immediate support at 121.89. Minor weakness on break below. The offer follows the first round of offers by the BOJ which failed to find any bids, propelling the 10-year Japanese yield to 0.25%. Rising covid concerns in Germany and China along with rising tensions between the West and Russia amid indecision over the Moscow-Kyiw talks add to dollar demand. US jobs report later this week will be crucial considering the hawkish Fedspeak and recently softer data, amid the geopolitical crisis.
Long
by Goldsignal75
USD/JPYThe USD/JPY made a third consecutive unusually strong weekly rise last week, closing near its high at its highest closing price seen in over 6 years. In fact, last week’s move was the strongest seen in several years. These are very bullish signs, with the Japanese Yen showing the greatest weakness of all major currencies putting this pair in focus right now. I made a good call last week seeing this pair as a buy. Despite all these bullish signs, there is a reason for bulls to be cautious here: the price has hit an inflection point at 122.32 which has so far held as resistance. Friday also saw a strong drop of more than a day’s average true range (ATR) based upon recent volatility, and this can be a sign that a bullish move has run its course, at least for a while. However, the price did recover over the rest of the day to close above 122.00. I think short JPY remains attractive as a long trade, but traders need to be careful with stop losses and make sure they are kept quite tight, as the price may now need to consolidate for a while before resuming its rise.
Long
by SmoothJB
USD/JPYThe USD/JPY made a second consecutive unusually strong weekly rise last week, closing near its high at its highest closing price seen in over 6 years. These are very bullish signs, with the Japanese Yen showing the greatest weakness of all major currencies putting this pair in focus right now. I made a good call last week seeing this pair as a buy. There are two reasons for bulls to be cautious here: firstly, although the Japanese Yen is clearly the weakest currency, the US Dollar is not showing short-term strength, so it may be better to trade Yen currency crosses long over the coming week, such as AUD/JPY as the Aussie is showing strong momentum. Secondly, this currency pair has reached an area of resistance stretching from about 119.15 to the big round number overhead at 120.00, which may slow or even halt its advance.
by SmoothJB