empty
28.07.2022 10:21 AM
USD/JPY retests broken downside obstacle

The USD/JPY pair was trading in the red at 135.28 on the H1 at the time of writing. The price crashed as the Dollar Index plunged after the FOMC while the JPY was boosted by the Japanese Yen Futures rallied.

In the short term, the bias is bearish, still, it remains to see how it will react after the US economic data. The Advance GDP is expected to report a 0.4% growth, Advance GDP Price Index may register a 7.9%, while Unemployment Claims could increase from 251K to 253K in the last week.

Tomorrow, Japan is to release important economic data such as the Unemployment Rate, Tokyo Core CPI, Prelim Industrial Production, Retail Sales, Consumer Confidence, and Housing Starts.

USD/JPY Massive Drop!

This image is no longer relevant

Technically, the currency pair failed to stabilize above the 137.00 psychological level and above the weekly pivot point of 136.83. The aggressive breakdown below the uptrend line signaled that the rebound ended and that the price could approach and reach new lows.

Now, it has dropped below the 135.56 former low which represented a downside obstacle. It has tested and retested this broken downside obstacle which was natural after its massive drop.

USD/JPY Forecast!

Staying below 135.56 and making a new lower low, dropping and closing below 135.23 could activate more declines and could bring short signals. The weekly S1 (134.79) represents a downside obstacle and potential target.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Why $65 for Brent Is Just the Calm Before the Storm

Brent is struggling to stay afloat, even as looming strikes on Iran and new turns in U.S. sanctions diplomacy come into view. Meanwhile, natural gas is currently in a bind

Anna Zotova 01:31 2025-05-15 UTC+2

Oil Lacks Confidence to Sustain a Rally

The oil market has come back to life: since the beginning of last week, Brent has gained more than 12%, and this momentum is driven not just by noise

Anna Zotova 00:21 2025-05-14 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on May 9th (U.S. Session)

Trade Review and Guidance on Trading the Japanese Yen The test of the 145.31 level occurred when the MACD indicator had already moved significantly below the zero mark, which limited

Jakub Novak 19:13 2025-05-09 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on May 9th (U.S. Session)

Trade Analysis and Tips for the British Pound The test of the 1.3255 level during the first half of the day occurred when the MACD indicator had already moved significantly

Jakub Novak 19:10 2025-05-09 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on May 9th (U.S. Session)

Trade Analysis and Tips for the Euro The test of the 1.1244 price level occurred when the MACD indicator had already risen significantly above the zero mark, which limited

Jakub Novak 19:08 2025-05-09 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on May 9. Review of Yesterday's Forex Trades

The test of the 144.86 level occurred when the MACD indicator had just started to move upward from the zero line, confirming a valid entry point for buying the dollar

Jakub Novak 09:44 2025-05-09 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on May 9. Review of Yesterday's Forex Trades

The test of the 1.3342 level in the second half of the day occurred when the MACD indicator had already significantly moved above the zero line, which limited the pair's

Jakub Novak 09:44 2025-05-09 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on May 9. Review of Yesterday's Forex Trades

The price test at 1.1312 in the second half of the day coincided with the MACD indicator having already moved significantly above the zero line, which limited the pair's upward

Jakub Novak 09:44 2025-05-09 UTC+2

Intraday Strategies for Beginner Traders on May 9

The euro and the pound resumed their decline immediately after confidence in the U.S. reaching trade agreements with key partners increased in the market. Following signing a trade agreement with

Miroslaw Bawulski 07:53 2025-05-09 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders – May 8th (U.S. Session)

Trade Review and Tips for Trading the Japanese Yen The price test at 143.75 in the first half of the day coincided with the MACD indicator just starting to rise

Jakub Novak 19:30 2025-05-08 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.