USDJPY Technical Analysis


USDJPY has been trading sideways, according to the Danske Bank’s analysts’ 8 January USDJPY Technical Analysis. How will the pair be moving in the near future?

8 January, GKFX Chief Analyst, Allan von Mehren at Danske Bank, explains that USD/JPY remains supported by higher US yields and risk appetite and they still see USD/JPY trading mostly sideways within the 111.65-114.50 range near term, targeting 113 in 1-3M.

8 January USDJPY Technical Analysis: Key Quotes

“Technically, resistance levels are seen at 113.38 and 113.64 with substantial support below 113. We see little chance of a substantial break higher in USD/JPY due to very stretched speculative positioning, according to the IMM, and further flattening pressure on the US yield curve. Tactically, we would consider selling USD/JPY on rallies towards 114 for a short-term move down to 111.69 (200 day MA), with a stop at 114.55.”

Disclaimer

This article “USDJPY Technical Analysis” was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

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