The Japanese Yen Is Active During Asian Trading Session

• 12 Jan 2018

USD/JPY

The USD/JPY pair has reached a support level at the 111.08 price line which on previous occasions has resulted in a reversal of the downtrend. Volume and RSI indicate that this could be the end of the bearish move. However, MACD has broken the zero line which may indicate further downside. The pair is likely to be influenced by fundamental factors later in the day.

Impact event: Core Retail Sales and Core CPI data will be released at 15:30 GMT+2 and will impact all Dollar pairs.

CHF/JPY

The CHF/JPY pair is testing the 113.81 price level with significant selling pressure in both today’s and the previous trading session. Momentum appears to be bearish with a break of the 20- period EMA and the downward trajectory of RSI and MACD.

CAD/JPY

The CAD/JPY pair appears to have taken a pause after breaking the 20-period EMA. RSI has flattened at the 50 support level and MACD has stalled in positive territory. At the same time, volume appears to be on the decline suggesting that the recent bearish move will not be sustained.

GBP/JPY

Yesterday’s trading session highlighted indecision for the GBP/JPY pair, as a doji candle hovered within the tight trading range between the 149.92- 151.16 price levels. The pair will likely remain within this range in today’s trading session as no major macroeconomic news is expected.