Japanese Yen Technical Analysis: USD/JPY Base Looks Very Firm

Japanese Yen Technical Analysis Talking Points:

  • USD/JPY remains biased upward
  • For as long as key support holds it look set for gains
  • EUR/JPY looks shakier and more consolidative

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In terms of its broad, daily-chart action, the Japanese Yen remains on the defensive against the US Dollar. USD/JPY is still clearly far above the uptrend line which has held good since that pair made its lows for 2018, back in March.

Bulish Backdrop: US Dollar Vs Japanese Yen, Daily Chart

Although the clear procession of higher lows visible here will probably reassure US Dollar bulls, it’s also notable that meaningful higher highs have been in short supply since early October when USD/JPY printed its peak for 2018 so far. Whether or not we see the Dollar surpass that will probably depend on the fate of an important range of support now just below the market. It centers around the 122.22 level, which is also the first, 23.6% Fibonacci

Article source: https://www.dailyfx.com/forex/technical/home/analysis/usd-jpy/2018/11/28/Japanese-Yen-Techical-Analysis-USDJPY-Support-Looks-Firm.html