USD/JPY – Dollar Breaks All Shackles Against Japanese Yen
Titan FX | Aug 29, 2016 10:15PM ET
Key Highlights
- The US dollar surged higher recently against the Japanese yen and broke a couple of important resistance levels
- There was a monster bearish trend line formed on the 4-hour chart of the USD/JPY pair, which was broken during the upside move
- The Japanese Unemployment Rate which comes from the Ministry of Health, Labour and Welfare and published by the Japan Statistics Bureau posted a rate of 3% in July 2016
- The Japanese Retail Trade released by the Ministry of Economy, Trade and Industry posted a decline of 0.2% in July 2016
USD/JPY Pair Technical Analysis
The US dollar surged higher recently against the Japanese yen and broke a couple of key resistances to register gains. It looks like the trend has changed for the USD/JPY pair.
The pair rocketed higher, and during the upside move broke the 100 simple moving average on the 4-hour chart and a bearish trend line. There was even a close above the 23.6% Fib retracement level of the last drop from the 106.54 high to 99.57 low.
We can consider that the pair failed to settle below the 100 level, and bounced. It may continue to move higher, and buying dips can be considered in the near term.
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