ForexGen | Short-Term Forex Technical Outlook USD/JPY

Risk trends remain a dominant theme in the currency market, and continues to favor a bullish outlook for the Japanese yen.

Currency Pair: EUR/USD

Chart: 60 Min Charts
Short-Term Bias: Bearish

Analysis


Risk trends remain a dominant theme in the currency market, and continues to favor a bullish outlook for the Japanese yen. After reaching a low of 90.90 on 10/24, the USDJPY surged to a high of 100.58 on 11/4, but has pared gains over the past two weeks to hold within a broad range. The dollar-yen made a few attempts to push higher, but the lack of momentum suggests that investors remain bearish against the pair. At the beginning of the week, the pair surged higher to cross above 96.90-97.00 (38.2% Fib level), but retraced those gains to break back below the 120 SMA. Over the remainder of the session, we may see the pair to work its way down towards 94.60-70 (61.8% Fib level), and a break below this level could send the pair back towards the October lows over the near-term.

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