The US dollar rallied a bit during the trading session on Thursday, as it looks like we are going to go looking towards the ¥105 level.
In recent USD/JPY technical analysis, we noted that the limited and narrow movement within price limits for several trading sessions in a row heralds an upcoming strong move.
The US dollar got hammered during the trading session on Wednesday, slicing through the ¥105 level like it was not even there.
The pressure on the US dollar has returned again, and therefore it has retreated against the rest of other major currencies.
The US dollar rallied a bit during the trading session on Tuesday, reaching towards the 50 day EMA
For three trading sessions in a row, the USD/JPY has been moving in a narrow range between the 105.18 support and the 105.60 resistance, where it is stable around at the time of writing.
The US dollar rallied slightly during the trading session on Monday to kick off the week, as we have broken above the ¥105.50 level but gave back the short-term gains.
Risk aversion and the mixed US economic results was a catalyst for the USD/JPY pair to move downwards towards the support level at 105.03, before closing last week’s trading around 105.40.
The US dollar initially pulled back a bit during the trading session on Friday, reaching towards the ¥105 level.
The US dollar has rallied significantly during the trading session on Thursday, reaching towards the ¥105.50 level.
Risk aversion increased gains for the Japanese yen more than gains of the US dollar as safe havens.
The US dollar fell during the trading session on Wednesday, reaching down towards the ¥105 level again.
For four trading sessions in a row, the USD/JPY pair was under downward pressure pushing it towards the 105.25 support before settling around 105.50 at the time of writing.
The US dollar has rallied a bit during the trading session on Tuesday but continues to struggle to keep the gains as we have seen quite a bit of negativity over the longer term.
For more than two weeks in a row, the pair attempted to rebound higher, but gains did not cross the 106.10 resistance.