21:42 UTC
Transitioning, flat EMAs with price just below · RSI 46 · price 157.533
Lower highs since July vs higher lows since Sep 8, converging 156-159.
USD/JPY has printed lower highs from the July 163.99 peak through the Sept high at 160.39 and the 158.95-159.03 range top. Since the Sept low at 152.89 it has also made rising lows, so the last six weeks have compressed between the Oct low near 156.08 and that ceiling. Price sits on the 61.8% retracement of the Sept drop and just under flat EMA(20) and EMA(50). The Oct 28 lower high at 158.35 was rejected into Friday's close after the hawkish BoJ hold firmed the yen.
Support: 156.08, 155.23, 152.89
Resistance: 158.35, 159.03, 160.39
What it said to watch
- Daily close below the Oct low at 156.08 breaks the rising lows line and exposes the Aug low at 155.23, with the Sept low at 152.89 beyond
- Close above the lower high at 158.35 and the range top at 159.03 breaks the lower highs line, putting the Sept high at 160.39 back in view
- Japan wages Nov 5 and Ueda's speech Nov 6 could reprice December BoJ hike odds and shift this read
- US ISM Mon and midterms Tue add USD-side yield risk to the consolidation