On Friday (January 17th) during the European trading session, the US dollar/Japanese yen slightly rose to 155.761/773, an increase of 0.41%.

Technical Analysis of USD/JPY

From the 4-hour chart, the currency pair has fallen below the support levels of 158.00 and 157.50. It has fallen below a key upward channel, which supports at 157.10. Its downward trend fell below the 38.2% Fibonacci retracement level of the upward trend from the low of 151.79 to the high of 158.87.

The US dollar/Japanese yen closed below the 100 cycle simple moving average, but still above the 200 cycle simple moving average. On the downside, the immediate support level is around 155.35.

The 50% Fibonacci retracement level of the upward trend from the low point of 151.79 to the high point of 158.87 is also around 155.35. The next key support level is around 154.50 and the position of the 200 cycle simple moving average.

If it falls further, it may push the US dollar/Japanese yen to 153.50. On the upside side, the US dollar/Japanese yen is facing resistance around 156.80. The first major resistance level is around 157.20.

The next major resistance level is around 157.50. If the closing price is higher than 157.50, it may set the tone for further upward movement. In the above situation, the currency pair may rise towards the resistance level of 158.80. The main resistance may be 160.00.

Looking at the EUR/USD again, the currency pair has started a short-term rebound trend, but there is bearish activity near the resistance zone of 1.0350.

Upcoming economic data: (Friday 21:30 Beijing time)

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