Thursday, September 20, 2018

USD/JPY - 21 September 2018


Fundamental Highlights

The Dollar continued to rally against the Yen during Thursday's session. Although the tariff implementation between China and the U.S. is set to be initiated on Monday the 24th of September, it seems that traders still have some optimism in the chance of an agreement between the two countries. The pair has been rallying at the same time with the bullish movement of the U.S. stocks. With no major reports coming out of the U.S. or Japan, we will have to watch the market closely for any sudden news that may impact the pair.

Technical Analysis

The U.S. dollar rallied against the Japanese Yen at the beginning of yesterday's session but later found itself pulled back a little by the end of the day. The rally of the U.S. Dollar these past few days has created new higher support and resistance levels. During today's session the Dollar opened up strongly against the Yen and may continue this bullish move towards the 112.90 level where it may break it and continue further in the direction of the 113.00 figure. During Friday's session the pair seems to be a strong buy for traders.

Support: 112.40 112.14
Resistance: 112.90 113.00

Chart (H1)