Japanese Yen Technical Analysis: USD/JPY Eyes Key Feb Highs Again

JAPANESE YEN TECHNICAL ANALYSIS TALKING POINTS:

  • The Japanese Yen’s pounding at the Dollar’s hands goes on
  • The fundamental basis for it appears to have deepened
  • The Australian Dollar is wilting against the Japanese currency

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The Japanese Yen remains under grave pressure against the US Dollar from a fundamental standpoint.

The latest very weak growth data from Japan brought the curtain down on a nine-quarter run of economic growth. It has also cast clouds over the country’s ‘Abenomics’ reform plan and, surely, kicked any prospect of tighter monetary policy from the Bank of Japan a very long way into the long grass.

Technically this growth weakness has only boosted an already strengthening US Dollar. USD/JPY now flirts once again with the highs of early February which are around current levels.

If Dollar bulls can hold their nerve up here, then their next target will be late January’s highs in the 111.50 region which in turn guard the path back up the year’s peaks. These would seem eminently reachable at

Article source: https://www.dailyfx.com/forex/technical/home/analysis/usd-jpy/2018/05/16/Japanese-Yen-Technical-Analysis-USDJPY-Eyes-Febs-Highs-Again.html?DFXfeeds=forex:technical:home:analysis:usd-jpy