The Yen Plummets

February 18th, 2013
in contributors, forex

USDJPY Technical Update – Week Of 18th February 2013 – Ichimoku Analysis

by Nick Simpson, Forex-FX-4X

  • The Japanese yen plummeted on Friday as global policy makers attempted to talk down concerns around the so called "currency wars" and advised they did not intend on interfering with Japan's monetary policy efforts.
  • The USDJPY pair subsequently rallied around 1% after hitting technical support in the 92.21 region.  EURJPY likewise experienced a 1% daily gain.
  • We note that the greenback has risen 17% versus the yen since November 2012.

Follow up:

  • The daily timeframe Ichimoku chart below shows that price is now aligned with the Tenkan Sen in the 93.30 area.
  • We will be monitoring the following USDJPY downside levels in the near term:
    • 92.80 roughly marks a minor price pivot level.
    • 92.20 area prior support is now seen as key in the near term, this also marks the low from Friday.
    • The 91.27 area provided resistance during trading in late January and is now aligned with the Kijun Sen.
  • Any continuation move higher, inline with the prevailing trend, has us monitoring the following USDJPY upside levels:
    • Friday's high around 93.82 is the top of a 12-pip zone marking three daily highs between 93.70 - 93.82.
    • The 38.2% Fibonacci retrace of the longer term 124.13 - 75.51 swing resides around the 94.00 handle.

USDJPY Weekly Analysis 18/2/13 – Ichimoku Analysis

Click to enlarge

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