USDJPY dominated by bulls lifting the market higher throughout the day

US Dollar/Japanese Yen (USDJPY) Technical Analysis Report for May 15, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (USDJPY as at May 15, 2018):

Daily technical analysis candlestick chart for US Dollar/Japanese Yen (USDJPY) as at May 15, 2018

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.

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.

With four out of the other six Major FX Pairs closing lower today, the ones that stand out on the negative side are NZDUSD losing -0.77% and EURUSD closing -0.75% lower. On the flipside the best performers have been USDCAD closing 0.51% higher and USDCHF gaining 0.07%. Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDZAR surging 1.94% and CHFZAR closing 1.87% higher. The worst performers of the day have been ZARJPY tanking -1.27% and TRYJPY closing -1.11% lower. Read more

Market Conditions for USDJPY as at May 15, 2018

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