Japanese Yen Technical Analysis: USDJPY Uptrend Weakens

Japanese Yen Technical Analysis Talking Points:

  • USD/JPY seems to be wilting below its previous significant high
  • However, the year’s dominant uptrend is not seriously threatened
  • AUD/JPY looks stronger but bulls still have much to prove

Get live and interactive coverage of all major Japanese economic data at the DailyFX Webinars. We’d love to have you join us.

The Japanese Yen seems to be posting gains against the US Dollar, although of course market action this week may well be clouded by the US Midterm election, now under way.

Still, USD/JPY has slipped below the newish uptrend channel which had previously contained trade since the lows of October 26.

Uptrend Threatened: US Dollar Vs Japanese Yen, Daily Chart

Still, that slip has only been intraday in nature so far, and may yet go unconfirmed by a daily close. If it remains so then Dollar bulls will retain the upper hand and can still dare to dream of revisiting 2018’s peak. That was the JPY114.59 level hit on October 3.

On a fundamental basis the Dollar really

Article source: https://www.dailyfx.com/forex/technical/home/analysis/usd-jpy/2018/11/07/Japanese-Yen-Technical-Analysis--Chart-Uptrend-Shows-Signs-Of-Stress.html