The Japanese yen rose against the dollar about 1% in this month as the market around the globe tumbled. Investors might flee in the yen as a safer asset as the monthly perspective of the USD/JPY testing the swing highs back from about five years ago which might be serving as an area of resistance.
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To be noted: Yearly perspective still might be giving the monthly a bullish momentum as the rate could target the macro bracket highs.
(Click on image to enlarge)
(Click on image to enlarge)
The daily perspective found some support around the prior Quarter’s DVAH which might be able to establish a balanced bracket at the rate targeting the bracket highs. The rate trended lower for about four days in the row, giving the lower periodicities a possible bearish bias.
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The intraday perspective closed with a b-shaped profile on Friday, giving the next day a possible bullish bias. The rate cleared the lows and seemingly found some absorption to drive the dollar higher towards the DVAH level which could serve as resistance now. Upper VWAP close level might be the next level for potential yen interest while the rate targeting the mentioned bracks, hence risk has to be placed accordingly.
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