USD/JPY 1H Chart 11:23AM EDT 9/5/2012
Since falling after Bernanke’s speech at Jackson Hole, USD/JPY has remained in consolidation, trading in a slightly rising channel seen in the 1H chart. The US Dollar has been bearish against the Japanese yen since mid-March, when the pair found a high at 84.20, but has lost momentum since finding support at 77.60 on June 1.
The snapshot in the 1H chart shows a market with a bit of bearish bias, as the held under the 200-hour SMA, with price action now pushing below the near-term rising channel.
This shows that the focus is still back toward 0.78, and possibly lower, toward the June low of 77.60.
This might be a very short-term outlook, as the medium term outlook remains sideways, with strong support shown in the 77.60-78.00 area.
Fan Yang CMT is the Chief Technical Strategist, trader, educator and a of the main contributors to FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.