Japanese Yen Technical Analysis: USD Uptrend Holds, Highs Elusive

Japanese Yen Technical Analysis Talking Points:

  • USD/JPY remains in a clear uptrend
  • But that trend has yet to retake key recent falls
  • Similar patterns can be seen across Yen pairs, with AUD/JPY an example

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The Japanese Yen remains on the back foot against a US Dollar as both currencies to some extent compete in a ‘battle of the havens.’

With the fundamental backdrop clearly still darkened to a great degree by tariff-raising between China and Beijing, and broader worries about trade, flight to quality trades still favor both the US and Japanese currencies.

However, the US Dollar seems to be having the best of this at present. USD/JPY remains well above the broad, daily-chart uptrend line which has been with us since late March. That line has survived two quite recent tests, one in late August and another earlier this month.

US Dollar, Vs Japanese Yen, Daily Chart

Indeed. since that last test, on September 7,

Article source: https://www.dailyfx.com/forex/technical/home/analysis/usd-jpy/2018/09/19/Japanese-Yen-Technical-Analysis-USD-Uptrend-Holds-Highs-Elusive.html