USDJPY Forecast: Insights for the New Week & Follow-Up Analysis
Updated
In the previous week, we witnessed a remarkable 4.6% surge in the Japanese yen, propelling it to a two-month high against the greenback. However, as Friday's trading session unfolded, the U.S. dollar began to edge higher, with traders factoring in the potential end of the Federal Reserve's rate hike cycle amid easing inflation.
Softer-than-expected U.S. inflation data, reported on Wednesday and Thursday, reinforced the belief that the Federal Reserve is nearing the end of its interest rate-hiking cycle. While markets still anticipate a 25 basis point hike later this month, another hike this year is no longer the base case.
As we shift our focus to the upcoming week, all eyes are on the U.S. retail sales data, a vital indicator of consumer spending in the economy. A high reading is seen as positive for the USD, while a low reading is perceived as negative.
USDJPY Technical Analysis:
In this video, we provide an in-depth USDJPY technical analysis, dissecting the current market structure. Our attention centers around the key level of 138.800, which also serves as the neckline of a "potential" reversal pattern identified in the 1-hour timeframe. As price action remains within this zone, it becomes an area of interest that could lead to choppy consolidation before a clear direction emerges. The market's reaction around the 138.800 area at the beginning of the new week will heavily influence the trajectory of price action throughout the upcoming days.
Join me on this journey as we explore potential trading opportunities using trendlines and key levels. Remember, that we place significant emphasis on the importance of the 138.800 level, as a breakout or retest of this zone will validate the potency of the identified reversal pattern. Stay connected to my channel, follow my updates, and actively engage in the comment section as we navigate the dynamic USDJPY market together.
Wishing you the best of luck as you chart your course in the USDJPY market this week. Get ready for an exciting ride filled with insights and trading opportunities!
Disclaimer:
Trading on margin in the foreign exchange market (including commodities, CFDs, stocks, etc.) carries a high level of risk and may not be suitable for all investors. The content of this speculation (including all data) is provided by me for educational and informational purposes only to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not accept any responsibility for its accuracy.
It is important that you carefully consider your investment experience, financial situation, investment objectives, and risk tolerance level, and seek advice from an independent financial advisor to assess the suitability of your situation before making any investment.
I do not guarantee the accuracy of the information provided and shall not be held liable for any loss or damage that may arise directly or indirectly from the content or the receipt of any instructions or notifications related to it.
Please note that past performance is not necessarily indicative of future results.
Softer-than-expected U.S. inflation data, reported on Wednesday and Thursday, reinforced the belief that the Federal Reserve is nearing the end of its interest rate-hiking cycle. While markets still anticipate a 25 basis point hike later this month, another hike this year is no longer the base case.
As we shift our focus to the upcoming week, all eyes are on the U.S. retail sales data, a vital indicator of consumer spending in the economy. A high reading is seen as positive for the USD, while a low reading is perceived as negative.
USDJPY Technical Analysis:
In this video, we provide an in-depth USDJPY technical analysis, dissecting the current market structure. Our attention centers around the key level of 138.800, which also serves as the neckline of a "potential" reversal pattern identified in the 1-hour timeframe. As price action remains within this zone, it becomes an area of interest that could lead to choppy consolidation before a clear direction emerges. The market's reaction around the 138.800 area at the beginning of the new week will heavily influence the trajectory of price action throughout the upcoming days.
Join me on this journey as we explore potential trading opportunities using trendlines and key levels. Remember, that we place significant emphasis on the importance of the 138.800 level, as a breakout or retest of this zone will validate the potency of the identified reversal pattern. Stay connected to my channel, follow my updates, and actively engage in the comment section as we navigate the dynamic USDJPY market together.
Wishing you the best of luck as you chart your course in the USDJPY market this week. Get ready for an exciting ride filled with insights and trading opportunities!
Disclaimer:
Trading on margin in the foreign exchange market (including commodities, CFDs, stocks, etc.) carries a high level of risk and may not be suitable for all investors. The content of this speculation (including all data) is provided by me for educational and informational purposes only to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not accept any responsibility for its accuracy.
It is important that you carefully consider your investment experience, financial situation, investment objectives, and risk tolerance level, and seek advice from an independent financial advisor to assess the suitability of your situation before making any investment.
I do not guarantee the accuracy of the information provided and shall not be held liable for any loss or damage that may arise directly or indirectly from the content or the receipt of any instructions or notifications related to it.
Please note that past performance is not necessarily indicative of future results.
Note
The market continues to exhibit a certain level of uncertainty as we await a breakout of the potential neckline at the 138.800 level, which would confirm the reversal pattern highlighted in the video. Nevertheless, it is important to acknowledge the possibility of sellers influencing the market dynamics at this point. A breakdown/retest of the new support line for the week at 138.375 could potentially present selling opportunities that cannot be overlooked.Good Morning
Trade active
Secure sell positionTrade active
The sell position was closed at breakeven as the price action finally breaks out above the neckline at 138.800, triggering our initial buy position and confirming the identified reversal pattern from the video. It is advised to secure positions and remain vigilant for additional buying opportunities.Trade active
After closing the buy position at breakeven, a new sell position was triggered below the 138.375 level. As we move forward, our trading activities today will be guided by the descending trendline, which has become a crucial reference point.Good Morning
Trade active
Fall out from our live session, we ensure the sell position is secured as we anticipate a potential breakout/retest of both the descending trendline and the 138.375Trade active
Secure the buy position as price action breaks out of the descending trendline and the 138.375 LevelTrade active
A total of 156 pips in profit from two positions; time to secure all buy positions as we anticipate more trading opportunities at the breakout/retest of the newly identified 139.500 Level.Good Morning
Trade active
Fallout from our live session this morning. Additional buy position triggered at break of 139.500Trade active
UPDATETrade active
The current market structure still exhibits a bullish outlook. We shall discuss this in detail during our live session this morningGood Morning
Trade active
Two buy positions triggered; secure positionsTrade active
Three positions now triggered with 170 pips in profit; secure positionsTrade active
Over 200 pips in profit from 3 positionsTrade active
Secure all buy positions as the ascending trendline remains our guide for today's trading activities.Good Morning
Trade active
Following up on our live session this morning; secure buy positions as we look out for more trading opportunities
Trade smart. Trade consciously
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