Forex Research - USD/JPY Chart Points

USD/YEN Chart Points

Resistance:

117.15 (Aug 23 high)

116.76 (Aug 27 high)

116.62 (Aug 31 high)

116.14 (Sept 3 high)

116.00 (intra-day high)

115.33 (intra-day low)

115.21 (Aug 30 low)

115.00 (pivotal level)

113.86 (Aug 29 low)

113.72 (61.8% of 111.60-117.15)

113.68 (Aug 20 low)

111.60 (key Aug 17 low)

Support:

Comments: $/yen extending its pivot of 116 to 5 days in a row and while this “big figure” is not a pivotal level, the price action reflects the current uncertainty in the market. This has allowed the 20 day mva to come within the current range and a firm move above it would be needed to put the downtrend at risk but only a break of 117.15 would confirm. Note, $/yen has traded below its 20 day mva since breaking through it on July 10. With that said, risk is on the downside (i.e. market bias to sell upticks) while below it but contained as long as 115+ trades.