Higher U.S. Treasury rates and strong commodity demand fueled the rise of the dollar against the yen on Monday. Higher timeframe studies stay unchanged from last week’s review. A reminder of where we now are may be found in the following weekly and daily text: There is currently a strong buyer’s bias in this market. Using a weekly timescale, it is evident that the currency pair has been rising since early 2021. The general longer-term trend has been rising since 2012, which is in accordance with this (check monthly timeframe).
The price is trading above the Pivot Point of 115.45, which is located at 115.40 and 115.55, respectively. The ascending channel’s EMA 10 is advancing with a bullish bias and has crossed both the EMA 100 and the EMA 200. Both the 100 and 200-period EMAs are moving horizontally. When the RSI is around the 70 level, the MACD histogram moves into the green zone. And the Stochastic is moving in the overbought zone. There is an upward signal in the ADX. The Ichimoku Cloud and Chinkou Span are a long way away from market value. A bullish trend may be seen in both the Tenkan- and Kijun-sen indicators.

• There is resistance at 115.55, followed by resistance at 115.60 and 115.70.
• There is support at 115.40 Below, there is 115.30 and 115.25.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

jpy-anlysis