Japanese Yen Technical Price Outlook: DXY Weekly Trade Levels
- Japanese Yen[1] technical trade levels update – weekly chart
- USD/JPY[2] threatens breakout of multi-year downtrend resistance
- Price rally targeting initial objectives into the 2019 high-week close
The Japanese Yen[3] has been on the defensive against the US Dollar[4] for the past three weeks with USD[5]/JPY rallying more than 2.6% off the monthly lows. The rally takes price through long-term downtrend resistance and threatens a larger shift the broader outlook IF price can mark a weekly close at these levels- simply put, we’re looking for validation. These are the updated targets and invalidation levels that matter on the USD[6]/JPY weekly price chart heading into the start of January trade. Review my latest Weekly Strategy Webinar[7] for an in-depth breakdown of this gold price[8] setup and more.
Japanese Yen Price Chart – USD/JPY Weekly
Chart Prepared by Michael Boutros[9], Technical Strategist; USD/JPY on Tradingview[10]
Notes: In our last Japanese Yen Weekly Price Outlook[11] we noted that USD/JPY breakdown was, “testing the first major support zone into the start of the year at 107.71/84- look for a reaction here early in the month…” Price briefly registered a low at 107.65 before reversing sharply higher with the advance breaching resistance at the upper parallel of a broad multi-year descending pitchfork[12]formation we’ve been tracking of the 2015 / 2017 highs. Is the breakout legit?
The focus is on the weekly close to validate with subsequent topside resistance objectives eyed at the 2019 high-week close at 111.54 and the 78.6% retracement[13] / 2018 open / 2019 swing high at 112.39/59- look
