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USDJPY around 109 as BOJ Concerned with Global Economy

Bank of Japan policymakers expressed concern about growing risks to global growth posed by a slowdown in China’s economy due to trade friction with the United States, a summary of opinions at the bank’s January rate review showed on Thursday.

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Market Recap: 19 - 23 November

 

 
On Monday last week covered the 30 index and the key level at the time at the time was the 25,000 level. Earlier in October the index found solid support from this level although it did break down through that level to its lowest level in four months. It was able to recover strongly and enjoy a strong resurgence moving from the multi-month lows back up to the key 26,200 level. It formed a classic doji candlestick at this level before reversing. Many would have expected the index to enjoy more support from the 25,000 level however throughout last week it broke through strongly and continued to decline to near the four month lows again. The next obvious key level will be 24,000 as the index enjoyed some strong support in the first half of this year.
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USDJPY - Consolidates Around Key 113 Level

 

 
In the last couple of weeks the USDJPY has eased back to the key 113 level after displaying some reversal candlesticks at the recent peak, namely some doji candlesticks. It has rallied a little in the last few days to return to this level. The last month or so has shown how key the 113 level is presently. After falling strongly from the 2018 high above 114.50 down to below 112, it did well to recover to the 113 level. The 113 level provided stiff resistance to the currency pair back in July and forcing it lower strongly so it is no surprise that it is consolidating around this level for the moment.
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USDJPY - Consolidates Around Key 113 Level

 

 
In the last week or so the USDJPY has rallied well to return to the key 113 level where it has spent the last week consolidating. It has done well to regain some lost ground after falling early last month from a 2018 high above 114.50 down to below 112. The 113 level provided stiff resistance to the currency pair back in July and forcing it lower strongly so it is no surprise that the rally has been halted around that level for the moment. Throughout September the USDJPY surged higher from the key 111 level up to resistance at 113 for a few days before pushing higher to the 2018 high above 114.50.
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USDJPY - Rallies Towards Key 113 Level

 

 
In the last week the USDJPY has rallied well to come back within reach of the key 113 level after falling heavily in the last few weeks from a 2018 high above 114.50. The 113 level provided stiff resistance to the currency pair back in July and forcing it lower strongly so it may play a role again. Throughout September the USDJPY surged higher from the key 111 level up to resistance at 113 for a few days before pushing higher to the 2018 high above 114.50. Throughout August the USDJPY was content to trade right around the key 111 level keeping a reasonably tight range for that time. In the middle of July the USDJPY surged higher to a then 2018 high just above 113 before falling strongly to the 111 level where it enjoyed solid support again.
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USDJPY - Eases Back to Support at Key 113 Level

 

 
In the last week the USDJPY has fallen back to the current key level of 113 after reaching a 2018 high. Throughout September the USDJPY surged higher from the key 111 level up to resistance at 113 for a few days before pushing higher to the 2018 high above 114.50. It is likely the 113 level will provide some support after being an obstacle and offering resistance in the last few months. Throughout August the USDJPY was content to trade right around the key 111 level keeping a reasonably tight range for that time. In the middle of July the USDJPY surged higher to a then 2018 high just above 113 before falling strongly to the 111 level where it enjoyed solid support again.
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USDJPY - Eyes on Resistance at 113 as BOJ Keeps Policy Steady

 

 
The USDJPY has moved well in the last couple of weeks surging higher from the key 111 level up to a two month high just shy of the previous resistance level around 113. Throughout August the USDJPY was content to trade right around the key 111 level keeping a reasonably tight range for that time. In the middle of July the USDJPY surged higher to a 2018 high just above 113 before falling strongly to the 111 level where it enjoyed solid support again. With this sell off only a couple of months ago, the market will most likely watch this level for any signs that the USDJPY is sold off again and the resistance stands tall. The 111 level will then expected to offer support again should the USDJPY retreat from its current levels.
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USDJPY - Reverses Towards Key 111 Level after Proposed Sino-Japanese Meet

 

 
The USDJPY has tended to trade right around the key 111 level for the last few weeks as it has kept a reasonably tight range for that time. This level has now been a centre of attention for the currency pair for the best part of the last couple of months as it has seemed content to stay close. A few weeks ago the USDJPY enjoyed a healthy rally moving from a two month low below 110 back up to a three week high approaching 112. It was since sold off and returned to the current key level of 111. In more recent times the USDJPY has enjoyed support and endured resistance from this level so it is no surprise that yet again the currency pair has returned to this level. Towards the end of July the USDJPY reversed strongly from a 2018 high above 113 and fell strongly to the 111 level where it enjoyed solid support again.
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USDJPY - Gravitates to Key 111 Level Again

 

 
The USDJPY has enjoyed a healthy rally in the last week or so moving from a two month low below 110 back up to a three week high approaching 112 in the last couple of days. It has however since been sold off and returned to the current key level of 111 which has been a key level for at least the last 12 months. In more recent times the USDJPY has enjoyed support and endured resistance from this level so it is no surprise that yet again the currency pair has returned to this level. It bounced strongly off the 111 level around a month ago reaching a one week high above 112 before beginning the recent decline. Towards the end of July the USDJPY reversed strongly from a 2018 high above 113 and fell strongly to the 111 level where it enjoyed solid support again.
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USDJPY - Drifts to Two Month Low Below 110

 

 
In the last few weeks the USDJPY has drifted lower and returned to the current key level of 111 and then continued to fall to a two month low just below 110. It bounced strongly off the 111 level a few weeks ago reaching a one week high above 112 before beginning the recent decline. Several weeks ago the USDJPY reversed strongly from a 2018 high above 113 and fell strongly to the 111 level where it enjoyed solid support. The key 111 level has provided significant resistance to the currency pair in the last couple of months, so it was significant when the USDJPY broke strongly through this level after testing it on multiple occasions attempting to move higher. This level is now likely to provide some resistance should the USDJPY rally higher.
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