USD/JPY Soft Despite Fresh 4+ Years High

  • USDJPY
    (${instrument.percentChange}%)

USD/JPY - H1

The pair rose to its highest levels since March 2017 during the Asia-Pacific session, but has since declined, weighed by the slide in US Bond Yields.

Bias remains tilted to the upside as it registers gains of around 1% this week and runs a 4-month profitable streak. Furthermore, today's slide is reminiscent of yesterday's reaction, since the pair had dropped then, after having clinched new highs, but ended the day with profits.

The US Dollar stays in trajectory to test 115.51, but it is probably early for a larger move that will tackle 115.93-116.00.

On the other hand, the current pressures can lead to a breach of EMA100 on the downside, but a larger decline that would challenge 11400, would require a catalyst.

In any case, there are many big news events today that can spur volatility and determine the pair's next leg, while caution is also warranted for potentially thin trading condition over the next couple of days, due to the US Holidays.

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Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

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