Japanese Yen Weekly Technical Outlook: Pause Doesn’t Mean Bull Run is Over

Talking Points:

The Japanese Yen finished right in the middle of the pack, gaining and losing ground against three currencies each.

– Despite stagnating last week, the Yen remains the best performing currency in October, and remains poised for further outperformance ahead.

Retail traders continue to sell the Yen on rallies, suggesting that price gains are likely in the near-term.

See our long-term forecasts for the Japanese Yen and other major currencies with the DailyFX Trading Guides.

Technical Forecast for the Japanese Yen: Bullish

With the rout of global equity markets taking a breather, so too did the Japanese Yen last week, slowing down its streak of gains to finish in the middle of the pack of the major currencies. But for NZD/JPY (+1.64%), no JPY-cross gained or lost more than +/- 0.4% last week, hardly any indication that the recent trend of Yen strength is finished.

So far, through October, CAD/JPY is the worst performing pair, down by -2.49%, followed by AUD/JPY (-2.45%) and CHF/JPY (-2.43%). The best performing JPY-crosses through three weeks in October are GBP/JPY (-0.67%) and USD/JPY (-1.01%).

The fact remains that the

Article source: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2018/10/21/Japanese-Yen-Weekly-Technical-Outlook-Pause-Doesnt-Mean-Bull-Run-is-Over.html