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USD/JPY Chart Hints at Downturn, Nikkei Might Be Topping

USD/JPY, NIKKEI 225 Technical Evaluation – Speaking Factors:

USD/JPY chart setup hints downtrend resumption could also be forwardRising Wedge sample, destructive RSI divergence supply bearish cuesIndicators of topping on Nikkei 225 inventory index bolster draw back bias

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The Japanese Yen could also be getting ready to show larger in opposition to the US Greenback. Worth motion main the bellwether USD/JPY change charge right into a take a look at of resistance guiding it decrease since October 2018 has fashioned a bearish Rising Wedge chart sample, warning flip decrease is within the playing cards.

US Dollar vs Japanese Yen price chart - daily

USD/JPY chart created with TradingView

Nearer-term positioning appears to cautiously bolster a draw back bias. Zooming in to the four-hour chart reveals destructive RSI divergence as costs take a look at the Rising Wedge sample’s higher boundary, talking to ebbing upside momentum. This may precede the formation of a high (although affirmation remains to be absent).

USD/JPY Chart Hints at Downturn, Nikkei May Be Topping

USD/JPY chart created with TradingView

Japan’s benchmark Nikkei 225 inventory index affords additional reinforcement. A Bearish Engulfing candlestick sample hints a double high within the 23625-60 space could also be taking form. Closing beneath 23005 would function preliminary affirmation. Weak spot right here tends to bode nicely for the anti-risk Japanese foreign money.

Nikkei 225 stock index price chart - daily

Nikkei 225 chart created with TradingView

USD/JPY, NIKKEI 225 TRADING RESOURCES

— Written by Ilya Spivak, Foreign money Strategist for DailyFX.com

To contact Ilya, use the feedback part beneath or @IlyaSpivak on Twitter


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