Technical Analysis: USDJPY

USDJPY reached the highest level since 1990

On Wednesday, USDJPY reached 151.97, which marked the highest level since 1990.

Three Japanese financial institutions held an emergency meeting

On Wednesday, the Ministry of Finance, the Financial Services Agency and the BOJ talked about the financial market, but they didn’t intervene financial market. The vice-minister of the MOF Masato Kanda said the BOJ may adopt monetary policies in response to the fluctuation of Forex market.

Officials at the Fed released hawkish statements

There are no signals that the Fed is in hurry to cut the interest rate, the Fed member Waller said on Wednesday. The inflation stickiness shows that the Fed doesn’t rush to reduce the interest rate, will keep the current interest rate unchanged for a longer time than expected and will cuts the interest rate decrease.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, USDJPY remained high and was prone to fluctuation. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing the market trend is bullish. USDJPY will continue rising if it breaks above the resistance at 152.0.

4-hour chart

On the 4-hour chart, USDJPY was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, Vegas channel went upwards, showing USDJPY will rise further. USDJPY will climb further if it retreats but is stable above the support at 151.00.

Key resistance: 152.00, 153.00

Key support: 151.00, 150.26

Generally speaking, boosted by many positive factors, USDJPY continued rising. Investors should focus on US economic data during the day.