Forex Marketz Daily Forex News – Fully Markets Update
Looking at the headline USD/JPY currency exchange rate and above daily MT 4 chart, the Japanese yen (JPY) remains trading within the same broad range against the U.S. dollar (USD).
While the greenback remains broadly weak against most of its G-10 trade rivals, the anti-risk Japanese yen is also looking for a directional signal.
There are concerns about a second wave of coronavirus infections in Japan and around Asia worrying the financial markets. Forex traders have the same worry in the United States. This is helping to keep that status quo in the USD/JPY Forex market.
There is nothing on today’s economic calendar in Japan that will influence price volatility with the Japanese yen. The United States economic calendar also does not have a lot of economic data scheduled for Monday. The Chicago Federal Reserve’s monthly economic activity index.
The European Union will release their monthly import price index. This includes the month to month and annual number. Germany will release their monthly Buba report and the United Kingdom’s economic calendar is quiet on Monday.
Daily Japanese Yen Technical Analysis (USD/JPY)
Looking at price action on the above daily MT 4 chart, the relative strength index (RSI) is near the mid-line, just under around 47. This is a signal of lac of selling or buying conviction among Forex traders.
The MACD histogram is also signally that downward pressure in this currency exchange rate could be waning as this market gears up for a longer-term post-pandemic range trade.
With that said, the first layer of technical support comes into play near the late July low price point at 104.19 yen. Looking at the moving averages, the 21 day moving average lines up at 105.90 yen. On the upside, the one hundred (100) day moving average comes into play at 107.12 yen.
There is a key level of resistance just below the 100 DMA in play at 107 yen. The next layer of technical resistance lines up at 108 yen which is just below the two hundred day moving average in pay at 108.05 yen.
