USDJPY climbs to highest close since May 22, 2019
US Dollar/Japanese Yen (USDJPY) Technical Analysis Report for Jan 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, USDJPY ended Tuesday at 110.00 gaining 6 pips (0.05%) on high volume. Today's close at 110.00 marks the highest recorded closing price since May 22, 2019. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (USDJPY as at Jan 14, 2020):
Tuesday's trading range has been 36 pips (0.33%), that's slightly below the last trading month's daily average range of 47 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for USDJPY.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on December 20, 2019, USDJPY actually lost -0.05% on the following trading day.
Prices are trading close to the key technical support level at 109.73 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With four out of the other six Major FX Pairs closing lower today, the ones that stand out on the negative side are USDCHF losing -0.34% and NZDUSD closing -0.23% lower. On the flipside the best performers have been GBPUSD closing 0.25% higher and USDCAD gaining 0.05%. Looking at the Minor FX Pairs and Crosses, the winners of the day have been GBPNZD surging 0.48% and CHFHKD closing 0.42% higher. The worst performers of the day have been NZDCHF tanking -0.57% and EURCHF closing -0.41% lower. Read more