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In today's article on the dollar/yen currency pair, we will pay attention to technical analysis and consider the situation on the weekly and daily charts of this trading instrument.
Weekly
At last week's auction, the USD/JPY pair rose. However, questions remained regarding the further direction of the quote. In principle, they still remain at the moment. I'll explain why. Despite the bullish body of the last weekly candle, it has formed a rather long upper shadow, which is larger than the body itself. This factor indicates difficulties with the promotion of the quote in the north direction. Moreover, during the growth, bulls on the instrument tried to overcome the strong technical and psychological level of 112.00. However, they still failed to implement their plans. After reaching the 112.10 mark, a rather weak bounce down followed, as a result of which such a long upper shadow was formed at the candle. It would not be surprising if this week's trading started according to the scenario of the players to lower the rate. However, this is not happening at the moment.
The pair found strong support at the previously broken resistance level of 110.82, from where it turned up again and demonstrates quite impressive growth at the time of writing. However, until the previous highs at 112.10 have been rewritten, it is not possible to talk about the continuation of the upward scenario for USD/JPY. In addition, do not forget about Friday's report on the US labor market, which will make significant adjustments to the results of weekly trading for all dollar pairs. Regarding the resistance near 112.00, we can state its strength. It is enough to look at the history and what a strong drop when trying to break 112.00 happened in February 2020. Then the maximum values were shown at 112.23. In this regard, it is logical to assume that the closing of the current week above this level will create good prerequisites for further growth. If another bearish model of candle analysis appears, it is time to expect a change of course and a movement of the quote in the south direction.
Daily
On the daily chart, the rebound that occurred from the level of 112.10 is especially clearly visible. At the moment, the bulls of the instrument are trying to approach the maximum values again on September 30 in order to once again test the 112.10 mark for a breakdown. If we consider some trading ideas, it is worth waiting for the pair to exit the range of 112.10-110.82, after which, on a rollback to one of its broken boundaries, open deals to sell or buy an asset. In general, the pair can be bullish. If so, then aggressively and riskily, you can try to buy USD/JPY after a decline to the red line of the Tenkan Ichimoku indicator, which runs at 111.20. I repeat once again that, in my personal opinion, the dollar/yen is looking up, but ahead of labor reports from the United States, which can significantly change the technical picture and attitude to the US currency.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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