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USDJPY dominated by bulls lifting the market higher throughout the day


Technical Analysis Report for USDJPY - May 15, 2018 [< 1 min read]
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
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.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bullish Break through SMA 200 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
Strong Up Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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