Japanese Yen Technical Analysis: USD Fights Back, May Be Tired

Japanese Yen Technical Analysis Talking Points:

  • USD/JPY has risen further above a key uptrend line
  • It has 2018’s peak in it sights again, and will probably get there, but maybe not very fast
  • AUD/JPY has bounced too but looks less able to follow throough

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The Japanese Yen continues to weaken against the US Dollar after USD/JPY turned away from a test of what might have been key support.

On a fundamental basis, the Japanese currency seemed to be gaining an upper hand in its battle of the havens with the greenback. Both currencies tend to catch bids when risk aversion rises, usually on the trade war worries which remain grimly prevalent between the US and China. However, in the past week or so stronger US consumer confidence data have underlined the yawning chasm in interest rate expectations between a Bank of Japan still committed to monetary easing and a Federal Reserve ready to tighten further.

Technically speaking this prognosis

Article source: https://www.dailyfx.com/forex/technical/home/analysis/usd-jpy/2018/11/01/Japanese-Yen-Technical-Analysis-USD-Fights-Back-May-Be-Tired.html