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USDJPY approaches key upside hurdle as Fed, BoJ week beginsUSDJPY extends Friday’s recovery from the 50-SMA while rising toward a six-week-old descending resistance ahead as the week comprising monetary policy announcements from the US Federal Reserve (Fed) and the Bank of Japan (BoJ) begins with mixed sentiment. It’s worth noting that the Yen pair’s sustained trading above the 50-SMA joins the upbeat RSI (14) and an impending bull cross on the MACD to underpin upside bias. However, a clear break of the aforementioned resistance line close to 157.55 by
by MTradingGlobal
USDJPY retreats within rising wedge on US holidayUSDJPY snaps a three-day winning streak early Monday even as markets lack momentum amid holidays in the US and the UK. In doing so, the Yen pair pares the previous weekly gains as mixed concerns about the Bank of Japan’s (BoJ) next move join a cautious mood ahead of this week’s key inflation clues from Japan and the US. It should be observed that the USDJPY pair’s latest pullback takes place from the resistance line of a three-week-old rising wedge bearish chart pattern. The retreat also gaine
by MTradingGlobal
USDJPY confirms inverse head & shoulders during four-day uptrendUSDJPY rises to the highest level in a week while crossing a downward-sloping resistance line from late April, now immediate support near 156.10, amid a four-day winning streak early Tuesday. In doing so, the Yen pair confirms an inverse head and shoulders bullish chart pattern by extending the previous week’s rebound from the 200-SMA. It’s worth noting that the bullish MACD signals and an upward-sloping RSI (14) line, not overbought, also keep the pair buyers hopeful. With this, the quote appro
by MTradingGlobal
USDJPY pokes key resistance, US inflation, Japan's GDP eyedUSDJPY jostles with a fortnight-old horizontal resistance as buyers turn cautious ahead of this week’s US inflation and the first readings of Japan’s Q1 2024 GDP. In doing so, the Yen pair struggles to extend the previous week’s recovery from the 50-SMA. That said, the near-50 RSI levels join the receding strength of the bearish MACD signals to suggest a continuation of the quote’s latest rebound within the bullish trend channel comprising levels marked since late 2023. It’s worth noting, howeve
by MTradingGlobal
USDJPY rebound appears elusive below 155.70USDJPY bounces off a one-month low to snap a three-day winning streak early Monday. In doing so, the Yen pair takes a U-turn from the 61.8% Fibonacci ratio of its March-April upside amid a nearly oversold RSI. Given the receding bearish strength of the MACD signals and the quote’s rebound from the key Fibonacci ratio, as well as the RSI (14) line’s recovery from the oversold territory, the latest run-up in price is likely to prevail for a bit. The same highlights the 38.2% Fibonacci retracement
by MTradingGlobal
EURJPY- JPY BULLET TRAIN MAY TAKE A HALT & REVERSE ITS DIRECTIONSymbol - EURJPY EURJPY is currently trading at 168.200 I'm seeing a trading opportunity on sell side. Shorting EURJPY pair at CMP 168.200 I will be adding more if 168.600 comes & will hold with SL of 169.000 Targets I'm expecting are 165.400 & beyond. Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
Short
by akshit_official
4
USDJPY reverses pullback from 34-year high on mixed Japan dataA mixed bag of Japan statistics triggered the USDJPY pair’s fresh run-up early Tuesday. In doing so, the Yen pair justifies mostly downbeat employment and activity data from the Asian major while reversing the previous day’s retreat from the highest level since 1990. Also favoring the upside bias are the bullish MACD signals and the quote’s U-turn from a seven-week-old rising support line, close to 154.70 by the press time. With this, the risk-barometer pair is likely approaching the 160.00 thre
by MTradingGlobal
USDJPY refreshes 34-year high on BoJ’s dovish haltUSDJPY prints a three-day winning streak while rising to a fresh high since 1990 as it justifies the Bank of Japan’s (BoJ) dovish halt. That said, the BoJ kept its benchmark rates unchanged, as expected, but omitted the mention of bond buying operations which were anticipated to suggest the Japanese central bank’s hawkish turn. With this, the Yen pair pokes an upward-sloping resistance line stretched from early December, around 155.90 at the latest. Given the overbought RSI conditions and the re
by MTradingGlobal
USDJPY hovers around multi-year high as bulls run out of steamUSDJPY edges higher past 154.00 while making rounds to the 34-year top marked the previous day, mildly bid within a four-month-old rising trend channel early Tuesday. In doing so, Yen pair buyers take a breather at the multi-year high as the overbought RSI (14) line joins sluggish market conditions. It’s worth noting, however, that the bullish MACD signals and the quote’s sustained trading beyond a 6.5-month-old ascending resistance line, now support around 151.85, keep the bulls in the driver's
by MTradingGlobal
USDJPY bulls eye multi-day-old resistance line and US InflationUSDJPY picks up bids within a fortnight-old trading range while defending the previous day’s rebound from a 150.80-90 support confluence, comprising the 21-day Exponential Moving Average (EMA) and multiple levels marked in the last two months. The Yen pair’s recovery also justifies the upbeat RSI (14) line and inspires buyers to poke an upward-sloping resistance line stretched from late October 2023, close to 152.00 by the press time. However, the impending bear cross on the MACD challenges the
by MTradingGlobal
USDJPY grinds within immediate range amid holiday-shortened weekUSDJPY registered the first weekly loss in three amid mixed concerns about the Bank of Japan’s (BoJ) next move, especially when the policymakers hesitated to stick to the hawkish plan after the first rate hike in 17 years. However, the broad US Dollar strength and an upbeat performance of the yields put a floor under the prices. Apart from the mixed fundamentals, the Yen pair’s inability to break the seven-week-old horizontal support zone surrounding 150.75-90, as well as cross an upward-sloping
by MTradingGlobal
USDJPY eases from key resistance, focus on US, Japan inflationUSDJPY remains pressured towards 151.00 while keeping the previous day’s U-turn from a five-month-old horizontal resistance zone amid Monday’s sluggish Asian session. In doing so, the Yen pair justifies the RSI (14) line’s divergence with the latest high in prices. However, the bullish MACD signals and the quote’s successful trading above the resistance-turned-support line stretched from mid-November 2023, close to 150.30 by the press time, challenge the pair sellers. Even if the quote drops bel
by MTradingGlobal
USDJPY jumps 100 pips even as BoJ exits negative-rate policyUSDJPY refreshes a two-week high during a six-day uptrend even as the Bank of Japan (BoJ) takes a historical decision to end the Negative Interest Rate Policy (NIRP), as well as the Yield Curve Control (YCC). It’s worth noting, however, that such a move was widely anticipated and hence, a “sell the fact” reaction appeared on the chart. However, a three-week-old falling resistance line surrounding the 150.00 psychological magnet and the overbought RSI (14) conditions seem to challenge the Yen pai
by MTradingGlobal
USDJPY probes four-day losing streak despite upbeat Japan GDPUSDJPY seesaws at the lowest level in five weeks as bulls and bears jostle after the biggest weekly loss in eight months. In doing so, the Yen pair fails to justify better-than-previous Japanese GDP while challenging the four-day losing streak. That said, the oversold RSI (14) conditions and the 200-SMA support of near 146.30-25 also challenge the quote’s further downside. Following that, the mid-2023 peak of around 145.00 could act as an intermediate halt before directing the bears toward the l
by MTradingGlobal
USDJPY bulls lack momentum as US, Japan inflation clues loomUSDJPY rose in the last four consecutive weeks even if the US Dollar Index (DXY) snapped a five-week uptrend, amid an increase in the near-term US Treasury bond yields and chatters about a delay in the Bank of Japan’s (BoJ) delay in ending the ultra lose monetary policy. It’s worth noting, however, that the technical signals are against the Yen pair buyers as the nearly overbought RSI (14) line joins the bearish MACD conditions. Also challenging the upside momentum is the quote’s retreat from a
by MTradingGlobal
USDJPY recovers within two-month-old rising wedgeUSDJPY snaps a two-day losing streak early Friday while challenging the previous day’s rising wedge bearish chart pattern’s confirmation. In doing so, the Yen pair justifies an upbeat RSI (14) line, as well as an impending bull cross on the MACD. It’s worth noting, however, that a clear upside break of 150.50 support-turned-resistance becomes necessary to defy the downside signals. Following that, an ascending trend line from January 31, also forming part of a short-term rising wedge near 151.70
by MTradingGlobal
USDJPY portrays bullish consolidation, further downside expectedOn Tuesday, the USDJPY pair snapped a two-day winning streak while reversing from a 13-day-old horizontal resistance surrounding 148.80-90. The pullback move also justifies the upbeat RSI and bearish MACD signals. With this, the Yen pair is likely to decline further toward the 50-bar Exponential Moving Average (EMA) level of nearly 146.60. However, the 100-EMA of 146.20 and the monthly low of 145.90 will challenge the sellers afterward, suggesting another U-turn in the price. In doing so, the qu
by MTradingGlobal
USDJPY lures bears as FOMC, NFP week beginsUSDJPY makes rounds to 148.00 early Monday as the key week comprising the Federal Reserve (Fed) monetary policy meeting and the US employment report begins. That said, the Yen pain snapped a three-week uptrend in the last while fading the bounce within a three-week-old triangle. While the hawkish hopes from the Fed and likely firmer prints of the US job numbers seem to tease the US Dollar bulls, hopes of the Bank of Japan’s (BoJ) exit from ultra-easy policy and positioning for the US data/events
by MTradingGlobal
USDJPY fades bounce off 100-SMA on BoJ status quoUSDJPY refreshed its intraday high to 148.55, before retreating to 148.00, as the Bank of Japan (BoJ) matches market expectations of keeping the monetary policy unchanged. In doing so, the Yen pair struggles to keep the late Monday’s recovery from the 100-SMA amid the inactive hours of Tuesday’s trading. It’s worth noting that the hawkish expectations from BoJ Governor Kazuo Ueda’s speech and the US Dollar’s consolidation join the nearly overbought RSI conditions to challenge the pair buyers. Ho
by MTradingGlobal
USDJPY extends pullback from key EMA confluence below 144.00USDJPY drops half a percent to 143.55 during the early hours of Tuesday’s Asian session. In doing so, the Yen pair extends Friday’s retreats from a convergence of the 100-bar Exponential Moving Average (EMA) and the 50-EMA. Adding strength to the downside pressure is the Doji candlestick on the top and the absence of an oversold RSI (14) line, not to forget the sluggish MACD. With this, the sellers appear set to approach the 61.8% Fibonacci retracement of July-November upside, near 142.90. Follo
by MTradingGlobal
USDJPY defends falling wedge breakout above 143.00USDJPY remains dicey around 143.30 as traders await the key US employment clues early Thursday, after rising in the last two consecutive days. In doing so, the Yen pair floats above the 100-SMA while keeping the early week’s confirmation of a bullish chart formation, namely the falling wedge. It’s worth noting that the overbought RSI and cautious mood ahead of the key US data could have stopped the pair buyers. However, the falling wedge confirmation and bullish MACD signals join the 100-SMA bre
by MTradingGlobal
USDJPY stays pressured toward 141.00 on last trading day of 2023USDJPY fades the previous day’s corrective bounce off a five-month low amid sluggish markets on the final trading day of 2023. In doing so, the Yen pair extends the mid-week pullback from 200-SMA even as the oversold RSI (14) and the sluggish MACD signals challenge bears. Also putting a floor under the risk-barometer pair is a 50% Fibonacci retracement of the March-November upside, as well as May’s peak, surrounding 140.80. It’s worth noting, however, that the quote’s sustained trading below 140
by MTradingGlobal
200-SMA prods USDJPY’s bounce off 4.5-month lowUSDJPY prints mild gains around 142.00 to snap a three-day losing streak at the lowest level since late July. In doing so, the Yen pair portrays a corrective bounce amid oversold RSI (14) conditions. However, the bearish MACD signals and the 200-SMA hurdle, at 142.50 by the press time, challenge the quote’s recovery. Even if the pair manages to cross the 142.50 hurdle, a 5.5-month-long horizontal resistance line and a falling trend line from mid-November will test the buyers around 144.00 and 14
by MTradingGlobal
USDJPY sellers attack 147.00 to justify corrective pullbackUSDJPY struggles to defend the three-week losing streak as the bottom line of a bullish trend channel, stretched from late March, joins the 100-day Exponential Moving Average (EMA) to restrict the quote’s immediate downside near the 147.00 threshold. Even if the quote breaks the 147.00 support, a convergence of the five-month-old previous resistance and the 200-day EMA, around 143.80 by the press time, will be a tough nut to crack for the bears. Following that, the Yen pair’s fall toward the Aug
by MTradingGlobal