Greenback going nowhere vs. Japanese yen, trades sub-108.00 figure

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Greenback going nowhere vs. Japanese yen, trades sub-108.00 figure

by Stephen Innes 25.04.2020

USD/JPY is ending the week pretty much where it started.
The level to beat for bears is the 107.00 support.

USD/JPY daily chart

USD/JPY keeps trading in a tight range below the 108.00 figure and the main SMAs on the daily chart as market participants are looking for a clear direction.

USD/JPY four-hour chart

USD/JPY is trading below the main SMAs on the four-hour chart suggesting a negative bias in the medium term. However, the spot remains confined in an extremely tight range. Sellers would need a clear daily close below the 107.00 figure, near the April low. On the flip side, resistance is seen near the 108.00 figure and a close above this level can lead to further gains.

Additional key levels

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Stephen Innes

With more than 25 years of experience, Stephen has a deep-seated knowledge of G10 and Asian currency markets as well as precious metal and oil markets. He is regularly called upon by leading TV, radio and print publications to offer my views on the financial markets. Stephen appears extensively on global news channels such as Bloomberg, BBC, Reuters, CNBC, Sky TV, Your Money, Channel News Asia, CNN, France 24 and ASTRO Awani. As well as published in prestigious publications, the New York Times, Wall Street Journal and The Economist, among others.

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Greenback going nowhere vs. Japanese yen, trades sub-108.00 figure

USD/JPY daily chart

USD/JPY four-hour chart

Additional key levels

Stephen Innes

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