Japanese yen

USD/JPY broke below a major support pivot this week with the bears now threatening a larger correction. Battle lines drawn on the weekly/daily technical charts.

USD/JPY set a lower-high last week even as DXY spiked up to a fresh two-year-high. And there’s now a short-term descending triangle formation setting up in the pair.

Yen weakness has hung around and USD/JPY and GBP/JPY both retain bullish appeal. But for those looking for Yen-strength, perhaps in anticipation of next month’s policy review from the BoJ, EUR/JPY could hold greater attraction.

US Dollar reversed off technical resistance last week with USD/JPY now testing initial trend support. Battle lines drawn on the USD/JPY short-term technical charts.

USD/JPY is poised to snap a four-week rally with an outside-weekly reversal threatening a larger pullback. Battle lines drawn on the weekly/daily technical charts.

USD/JPY surged 10% off the yearly low with the bulls relenting at key resistance ahead of US elections / FOMC. Battle lines drawn on the short-term technical charts.

USD/JPY surged nearly 9.7% off the yearly low with the rally now at pivotal resistance into the monthly close. Battle lines drawn on the weekly/daily technical charts.

Yen-weakness has remained through Japanese general elections and both EUR/JPY and GBP/JPY have put in clean breakout moves from ascending triangle formations.

The 150 level had held as resistance in USD/JPY until this week’s US open, at which point another DXY-fueled breakout appeared. The next major level up is the same that held multi-year highs in the pair in Q4 of each of the past two years.

For FX traders the USD/JPY backdrop has been full of intrigue for the past couple years, and that story isn’t yet over as the pair nears the spot that’s been the scene of some major drama in the pair after the build of the carry.

USD/JPY surged nearly 7% off the yearly low with a rebound off technical support now testing a major pivot zone. Battle lines drawn on the weekly/daily technical charts.