Japanese Yen technical trade levels update – Weekly Chart. USD/JPY breakout approaching uptrend resistance at multi-decade highs. Support 138.48, 1.35 (key), 132.24 - Resistance 146.23-147.67 (key), 149.07, 150.
The USD/JPY breakout has extended more than 25% year-to-date and while the broader outlook remains tilted to the topside, the advance is approaching areas of interest for possible technical resistance just higher. From at trading standpoint, look to reduce portions of long-exposure / raise protective stops on a stretch towards 146.23-147.
rate decision later this month- expect volatility and stay nimble. I’ll publish an updated Japanese Yen Price Outlook once we get further clarity on the near-term USD/JPY technical trade levels.shows traders are net-short USD/JPY - the ratio stands at -3.21 – typicallyShort positions are1.18% higher than yesterday and 12.37% higher from last week
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/JPY prices may continue to rise. Yet, traders are less net-short than yesterday but more net-short from last week. The combination of current positioning and recent changes gives us a further mixed USD/JPY trading bias from a
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