Japanese Yen technical trade levels update – Weekly Chart. USD/JPY breaks yearly trend support- risk for larger correction.
The USD/JPY has broken below yearly uptrend support with the decline already checking the first major pivot zone here around 138. From a trading standpoint, rallies should be capped by 143.61 IF price is indeed heading lower on this stretch with a break / close below parallel support needed to suggest a larger trend reversal may be underway. I’ll publish an updated Japanese Yen Short-term Outlook once we get further clarity on the near-term USD/JPY technical trade levels.
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 more net-short than yesterday but less net-short from last week and the combination of current positioning / recent changes gives us a further mixed USD/JPY trading bias from a
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