Fan Yang
All posts from Fan Yang
Fan Yang in Fan Yang,

USD/JPY in a Bearish Breakout to Start the Week

We have a bearish continuation in the USD/JPY to start the week. The 1H chart shows a pair that consolidated last Friday. As the 6/30 Asian session began, the market gave another failed bullish attempt, which was followed by a bearish breakout. This opens up the 100.76-100.85 low on the year and May low for the 6/30 session. 

(usdjpy 1h chart, 6/30)

A break above 101.50 however would suggest the market is tentative ahead of Thursday's US NFP. Otherwise, we should see the challenge of the year's low. Still a break above 102.00 will be needed to reverse USD/JPY from a bearish outlook to its consolidation mode. It has been roughly between 101 and 104 since February.