Key news updates for USD/JPY
USD/JPY Technical Analysis
111.69 was the high point of the yen rally in the first half of May. 111.15 follows.
110.40 (mentioned last week), is the next resistance line.
109.73 has held in resistance since the end of May. 109.35 is close by.
108.70 was tested for the first time since mid-June.
108.10 remained relevant last week. This line was a swing low in late May.
107.50 has some breathing room following strong gains by USD/JPY last week. 106.61 is next.
105.55 has held in support since early January.
104.65 is the final support level for now.
USD/JPY Daily Chart
I am bullish on USD/JPY
The U.S. dollar flexed some muscles last week and had no trouble pushing the yen sharply lower. Investors are pleased with the strong performance of the U.S. economy. Barring any flashpoints in the Persian Gulf, the safe-haven yen is not particularly attractive, as the Japanese economy is weak and the BoJ has little to offer.