Technical Analysis: USDJPY

USDJPY reached an eight-month high

On Wednesday, USDJPY continued rising. It came close to the 153 mark, reaching an eight-month-high.

The USDX reached a two-month high

On Wednesday, the USDX climbed for three consecutive trading days. It ended up 0.26% at a two-month high of 98.84.

Japan’s trade balance exceeded expectations in August

Japan’s trade balance (August) increased from -189.4 billion yens to 105.9 billion yens VS. -109.4 billion yens (forecast), according to the data from the Japan’s Ministry of Finance.

The bullish market trend prevailed

the Chart of the Day

On the chart of the day, USDJPY continued rising. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that USDJPY will climb further. Investors should focus on whether USDJPY will break through the resistance at 153.7. It will jump with potential resistance at 154.8 if it breaks above 153.7.

4-hour chart

On the 4-hour chart, USDJPY was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, moving averages went upwards, showing that the bullish market trend prevailed. Investors should focus on whether USDJPY will break through the support at 152.0 It will rise if it retreats but is stable above 152.0.

Key resistance: 153.7,154.8

Key support: 152.0,151.0

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on speeches delivered by the Fed Governor Powell during the day.