EUR/USD, GBP/USD, USD/JPY
Weekly Forex Analysis
(September 13 - September 20, 2021)
Hey! This is Philip with our new weekly outlook for EUR/USD, GBP/USD, and USD/JPY.
The text below contains only a short preview.
USDJPY Technical Analysis
Little has changed on the USDJPY technical picture from 7 days ago. The pair is stuck in a tight compressing range that has the shape of a symmetrical triangle. The support and resistance lines are converging and making the range tighter with time. This week, the support line stands around 109.70 (from
109.60 last week), while the resistance line is around 110.15 (down from around 110.30 last week).
In the slighly larger context, USDJPY has almost precisely to the pip stayed within the downward channel since the July 1 high (see chart below). This sets up the pair for a “nice” and potentially big breakout, either up or down, depending on which way the triangle gets broken.
- A bearish breakout scenario could offer a 150 pips potential to the downside toward the 108.00 support zone.
- Similarly, a bullish breakout scenario could easily take USDJPY about 200 pips higher, closer to the 111.50 resistance near the past highs.
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