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Japanese Yen / U.S. Dollar

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USDJPY rebound appears overdueUSDJPY dropped in the last two consecutive weeks but ended Friday on a positive note as it bounced off a convergence of the 100-DMA and the 200-DMA. Adding strength to the hopes of recovery is the oversold RSI and the pair’s closing beyond a seven-month-old horizontal support zone, around 137.90-138.20. That said, the 140.00 round figure appears immediate hurdle to cross for the Yen pair buyers to retake control, a break of which needs validation from the 61.8% Fibonacci retracement level of October 2022 to January 2023 downside, near 142.50, to confirm a bullish trend. In that case, the previous monthly high of 145.00 and 78.6% Fibonacci retracement level of near 146.70 hold the key for the run-up targeting the 150.00 psychological magnet and then toward the last yearly high of near 152.00. Meanwhile, the aforementioned DMA convergence, surrounding 137.00, appears a tough nut to crack for the USDJPY bears. Following that, an ascending support line stretched from mid-January 2023, near 135.30, will act as the last defense of the Yen pair buyers. Should the risk-barometer pair remains bearish past 135.30, the 23.6% Fibonacci retracement and March’s low, respectively near 133.00 and 129.65, will be in the spotlight. Overall, USDJPY bears seem running out of steam but the road toward the north appears long and bumpy.
by MTradingGlobal
USDJPY MULTI TIME FRAME ANALYSISHello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions , the entry will be taken only if all rules of the strategies will be satisfied. wait for more price action to develop before taking any position. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. 🧠💡 Share your unique analysis, thoughts, and ideas in the comments section below. I'm excited to hear your perspective on this pair . 💭🔍 Don't hesitate to comment if you have any questions or queries regarding this analysis.
Long
by okako_trading
USDJPY Buying Opportunity. 3 Hour Chart Analysis.In contrast to sterling, which reached 15-month highs after data on wage growth fueled hopes that the Bank of England (BoE) still has room to raise rates, the dollar fell to a two-month low on Wednesday ahead of a critical report on U.S. inflation. The Bank of Japan (BOJ) is expected to announce adjustments to its ultra-low interest-rate policy at its meeting this month, which helped the yen rise to a one-month high and strengthen over 140 to the dollar for the first time in a month. This move was also supported by a decline in U.S. Treasury yields. Investors were intensely focused on the U.S. inflation data that was scheduled to be released later on Wednesday. They anticipated that core consumer prices would have increased 5% annually in June. The data might indicate how much farther the Federal Reserve might increase interest rates.
by TickrFX
2
USDJPY – What's the intervention threshold? USDJPY – What's the intervention threshold? In September of last year, the Bank of Japan (BOJ) made a move in the market to strengthen its currency when it reached 145 against the USD, marking the first such intervention since 1998. This action was taken following the BOJ's decision to maintain an extremely accommodative policy (a policy that is yet to change still). The BOJ intervened once more in October when the yen further plummeted to its lowest level in 32 years, reaching 151.94 against the dollar. At present, investors hold a substantial short position in the yen, valued at $9.793 billion, representing the largest such position in the USDJPY since May 2022. This value has nearly doubled in just the past three months. Notably, former Japanese Vice Finance Minister Eisuke Sakakibara has suggested that the USDJPY could reach 160 before the BOJ intervenes once again. However, the USDJPY has recently built a bit of a buffer between itself and whatever the intervention threshold is for the BoJ. Over the past two trading days, the US dollar has weakened, largely due to remarks made by Federal Reserve officials. These statements have strengthened the belief that the US central bank is nearing the end of its tightening phase. It is widely anticipated that Fed policymakers will implement a rate increase during their upcoming meeting this month, which would set the policy rate range at 5.25% to 5.50%. However, the timing of any subsequent rate hikes remains uncertain. There are questions whether they will raise rates again in September, delay until November, or maintain the current stance and allow inflation to naturally subside over time. Consequently, the US dollar has experienced a decline against the yen, reaching a low of 141.32 yen, the lowest level observed since June 21. Currently, it is down 0.5% at 141.328. This drop follows a decrease of nearly 1.3% seen last Friday when the US nonfarm payrolls for June fell short of market expectations at 209,000.
by BlackBull_Markets
USDJPY MULTI TIME FRAME ANALYSISHello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions , the entry will be taken only if all rules of the strategies will be satisfied. wait for more price action to develop before taking any position. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. 🧠💡 Share your unique analysis, thoughts, and ideas in the comments section below. I'm excited to hear your perspective on this pair . 💭🔍 Don't hesitate to comment if you have any questions or queries regarding this analysis.
Long
by okako_trading
1