USDJPY pushes through prior session high


USD/JPY (USDJPY) Technical Analysis Report for Jul 11, 2018 [1 min read]
Highlights
USDJPY rallies 0.91% on high volume
USDJPY pushes through key resistance level
USDJPY dominated by bulls lifting the market higher throughout the day
USDJPY closes higher for the 3rd day in a row
USDJPY ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 77% Bullish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, USDJPY finished Wednesday at 112.01 surging 101 pips (0.91%) on high volume. This is the biggest single day gain in over two months. Today's closing price of 112.01 marks the highest close since January 9th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 111.35, the market confirms its breakout through the prior session's high having traded 82 pips above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for USDJPY
Volatility

Wednesday's trading range was 140 pips (1.26%), that's far above last trading month's daily average range of 65 pips. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly above average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.

Support/Resistance

Breaking through the key resistance level at 111.14 today, it is now likely to act as support going forward. After having been unable to move lower than 110.79 in the previous session, Yen found buyers again around the same price level today at 110.77.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for USD/JPY
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Outside Bar TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Price broke through Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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