USD/JPY Flashes Double Bottom

By Blackwell Global (Steven Knight)CurrenciesSep 08, 2015 02:02AM ET

www.investing.com/analysis/the-yen-flashes-its-double-bottom-264356

USD/JPY Flashes Double Bottom

By Blackwell Global (Steven Knight) | Sep 08, 2015 02:02AM ET

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The Japanese yen has recently been in a rout as Chinese inspired volatility spread throughout the world markets. However, despite the falls, the USD/JPY pair has recently formed a double bottom, which is set to provide some buoyancy in the coming days.

Over the past month, the yen has experienced some sharp swings fueled chiefly by fundamental and news releases. In particular, foreign currency markets have been one of the prime avenues for speculation over an eventual rate hike by the US Federal Reserve. Subsequently, the USD/JPY has been quite volatile within its current range of 118.00–125.50.

USD/JPY Daily Chart

Despite the sharp falls of late, the pair remains well placed to make a retracement to the middle of the range. In fact, the USD/JPY has just formed a double bottom, which is set to act as a springboard in the coming days. The pair has also just entered into a strong area of support, around the key 119.00 handle, which is likely to further buoy the case for a long side push.

Taking a look at the RSI oscillator also shows an indicator which has strongly moved, out of the oversold region and into neutral territory whilst it gathers strength for the push ahead. RSI has also rapidly flattened despite the sharp decline, as price retreats from the neckline, to form the second bottom.

Given the overall strength of support within the 119.00 region, it seems likely that price action will move north and subsequently challenge March’s swing candle high of 121.98. However, keep a close watch upon the U.S. Unemployment Claims and JOLTS Job Opening figures, due later, as the market will be monitoring the results closely for hints at the Fed’s future actions (or inaction).

Support exists for the pair at 118.21, 117.13, and 116.04, whilst resistance is in place at 119.22, 120.69, and 121.73.

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USD/JPY Flashes Double Bottom

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