Japanese yen

USD/JPY broke below a major support pivot this week with the bears now threatening a larger correction. Battle lines drawn on the weekly/daily technical charts.

USD/JPY set a lower-high last week even as DXY spiked up to a fresh two-year-high. And there’s now a short-term descending triangle formation setting up in the pair.

Yen weakness has hung around and USD/JPY and GBP/JPY both retain bullish appeal. But for those looking for Yen-strength, perhaps in anticipation of next month’s policy review from the BoJ, EUR/JPY could hold greater attraction.

US Dollar reversed off technical resistance last week with USD/JPY now testing initial trend support. Battle lines drawn on the USD/JPY short-term technical charts.

USD/JPY is poised to snap a four-week rally with an outside-weekly reversal threatening a larger pullback. Battle lines drawn on the weekly/daily technical charts.

USD/JPY surged 10% off the yearly low with the bulls relenting at key resistance ahead of US elections / FOMC. Battle lines drawn on the short-term technical charts.

USD/JPY surged nearly 9.7% off the yearly low with the rally now at pivotal resistance into the monthly close. Battle lines drawn on the weekly/daily technical charts.

Yen-weakness has remained through Japanese general elections and both EUR/JPY and GBP/JPY have put in clean breakout moves from ascending triangle formations.

USDJPY Outlook: Japan’s national core CPI has surged back near its 2024 highs, paving the way for potential further rate hikes, given the alignment of economic data with BOJ forecasts. Meanwhile, the upcoming outlook from Fed Chair Powell at the Jackson Hole Symposium could either reinforce or counter the current bearish sentiment on the dollar.

USDJPY Forecast: The USDJPY erased its 2024 gains and is poised to retest a key support level respected in December 2023.

It’s been a busy and messy week across global macro markets. The push points behind the tumult are parsed through in this piece.

Yen weakness has come rushing back in early-2024 trade, but U.S. and U.K. CPI could provide a jolt to FX trends in USD and GBP, which could produce some change in both USD/JPY and GBP/JPY.

Tonight’s Bank of Japan rate decision will be widely-watched for clues of any possible changes on the horizon. The BoJ knows this, so the big question is whether they touch the topic tonight or wait until 2024.

USD/JPY remains by far the most bullish of the major yen crosses...

The yen has rallied across the board over the last week+, but traders may now look to take profits on USD/JPY, EUR/JPY, and GBP/JPY ahead of the weekend...

Can the yen fall more despite the government’s efforts?

Can the yen fall more despite the government’s efforts?