USDJPY dominated by bulls lifting the market higher throughout the day

US Dollar/Japanese Yen (USDJPY) Technical Analysis Report for May 15, 2018

Highlights

USDJPY rallies 0.64% closing 70 pips higher
USDJPY dominated by bulls lifting the market higher throughout the day
USDJPY pushes through 200-day moving average
USDJPY closes higher for the 2nd day in a row
USDJPY ends the day on a bullish note closing near the high of the day

TQ Sentiment

Report Sentiment: 71% Bullish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, USDJPY ended Tuesday at 110.35 surging 70 pips (0.64%). This is the biggest single day gain in over three weeks. Today's closing price of 110.35 marks the highest close since January 22nd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 109.67, the currency confirms its breakout through the previous session's high having traded 78 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

Tuesday's trading range was 80 pips (0.73%), that's above last trading month's daily average range of 61 pips. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already. The forex pair managed to break above the 200-day moving average at 110.16 today for the first time since November 29, 2017.

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 US Dollar/Japanese Yen

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