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Technical Update - USDJPY resumes uptrend after volatile days. 145 set to be key support

Technical Update - USDJPY resumes uptrend after volatile days. 145 set to be key support

Forex 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Despite being hit by heavy selling USDJPY stays the course and could move higher towards 160. 145 support could be key

 
USDJPY spiked to 151.94, which is the 2.0 projection (200%) of the volatile market 22nd September, before hit by heavy selling. Possible instigated by the Japanese Central Bank, sending the pair down below 146, spiking below the peak from then last time USDJPY got hit by heavy selling resulting in extreme volatility. Strong rebound followed and USDJPY is crawling back higher.
RSI is still bullish without divergence suggesting we could see higher levels on USDJPY.
However, the spike low at 145.29 should be observed. If USDJPY breaks below it could drop to around 140

Monthly chart shows how the 5th extended in USDJPY has almost reached the 2.0 projection of the 4th corrective vawe which is 152.90. If USDJPY reaches 157 it is the same distance as the 3rd vawe. However, no strong resistance until around 160. 
RSI is at extreme level above 82 with no divergence indicating higher levels. The uptrend is very stretched however, and more volatility should be expected, both due to Central Bank intervention and profit taking.

 

Source: Saxo Group
Source: Saxo Group

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