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The Japanese Yen[1] is down more than 4.8% against the US Dollar[2] since the August yearly extremes with USD[3]/JPY[4] rallying into a critical resistance threshold at fresh five-month highs this week- we’re looking for a reaction up here. These are the updated targets and invalidation levels that matter on the USD[5]/JPY weekly price chart. Review my latest Weekly Strategy Webinar[6] for an in-depth breakdown of this Sterling price setup and more.

New to Forex[7] Trading? Get started with this Free Beginners Guide[8]

Japanese Yen Price Chart – USD/JPY Weekly

Japanese Yen Price Chart - USD/JPY Weekly - Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros[9], Technical Strategist; USD/JPY on Tradingview[10]

Notes: USD/JPY is testing a critical resistance barrier at 109.36/68 – a region defined by the 61.8% retracement[11] of the yearly range, the March low / July high, and the objective yearly open. The broader August recovery is vulnerable while below this threshold near-term and the focus is on a reaction off this mark.

Initial support rests with the August trendline[12] backed by the 2017 low-week close at 107.84. Broader bullish invalidation now raised to the yearly low-week reversal close at 106.25- a close below this level would be needed to mark resumption of the broader downtrend. A topside breach / close above 109.68 keep the focus on the next major resistance zone at 110.70-111.05 – look for a bigger reaction there IF reached.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy[13]

Bottom line: The USD/JPY rally is now testing key resistance at multi-month highs and leaves the immediate advance vulnerable near-term

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currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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