EUR/USD 1.15309
0.026%
Gold 4050.88
-1.284%
Oil 83.139
0.594%
USD/JPY 159.176
-0.208%
GBP/USD 1.34761
0.081%
GBP/JPY 214.510
-0.118%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
August 2nd - The 2026 China-ASEAN Construction Ministers Roundtable Meeting was held in Ipoh, Malaysia on August 1st. Minister of Housing and Urban-Rural Development Ni Hong led the Chinese delegation to the meeting, delivering the opening address and a keynote speech. She introduced Chinas experiences and practices in housing and urban-rural development during the 15th Five-Year Plan period, the "Good Housing" initiative, and urban renewal. Ni Hong pointed out that promoting high-quality urban development is a common goal of China and ASEAN. China is willing to continue upholding the principles of good neighborliness, security, prosperity, amity, sincerity, mutual benefit, and inclusiveness, and a shared future, further strengthening cooperation in the fields of housing and urban construction, and working together to create a more distinctive and prosperous urban civilization with Asia-Pacific characteristics.A Russian diplomat stated that Ukraine is a "major hub for illicit arms trafficking," and that large quantities of weapons supplied by Western countries are being diverted elsewhere through this "Ukrainian hub."Russian diplomat: Ukraine is transferring some of the weapons provided by the West to conflict zones in Asia, the Middle East and Africa.Russian diplomat: Ukraine has fueled the global black market arms trade.On August 2, Irans Mehr News Agency quoted an Iranian military official as saying that US President Trumps claim that Irans demand to stop its attacks was "a new lie." The official stated, "Whether he continues his aggression or retreats, our forces are on high alert and prepared for anything. If confrontation is inevitable, the battlefield will decide everything, and then everyone will understand who holds the power and who has the final say."

USD/JPY Price Analysis: Double Top Formation Supports Bearish Reversal, 128.00 Targeted

Daniel Rogers

May 10, 2022 10:48

After reaching a fresh multi-year high of 131.35 on Monday, the USD/JPY pair experienced a sharp decline. The difference between the new multiyear high and the previous high of 131.26, reached in the last week of April, is negligible. Therefore, the recent high may be categorized as an unsuccessful attempt to establish above the previous high.

 

The asset produced a Double Top pattern on a four-hour time frame, indicating a bearish reversal after the successful retesting of the prior highs. The key resistance is established by the high of April 28 at 131.26.

 

Notable is the flattening of the 20-period and 50-period Exponential Moving Averages (EMAs) at 130.42 and 129.94 respectively, which indicates weariness in the uptrend.

 

Meanwhile, the Relative Strength Index (14) has switched from a bullish range of 60.00-80.00 to a consolidation range of 40.00-60.00, indicating a contraction in volatility.

 

The yen bulls could enjoy a brief ride if the asset falls below the 50-EMA at 129.94, which would take the currency towards Thursday's low at 128.76. A break of the latter will bring the asset to the round level support at 128.00.

 

In contrast, the dollar bulls could regain control if the asset surpasses the multi-year high at 131.35. This will take the pair toward the 15 April 2002 high of 132.38, followed by April's high of 132.82.

USD/JPY

image.png 


Suggestion