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Japanese Yen / U.S. Dollar

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USDJPY drops and pops from 200-SMA on BoJ rate hike, Fed eyedUSDJPY defends the previous day’s retreat from a three-week-old falling resistance line even after the pair’s volatile move post-Bank of Japan (BoJ) announcements. It’s worth noting that the Bank of Japan (BoJ) raised its benchmark rate to 0.25%, from 0.10%, on Wednesday and drowned the Yen pair toward the 200-SMA during the first few minutes. However, the Japanese central bank’s decision to taper bond purchases and cautious tone of economic assessment triggered the quote’s rebound afterward. The US Dollar’s weakness ahead of the Federal Open Market Committee (FOMC) monetary policy meeting also allowed the pair to drop to a multi-day low before bouncing off the key moving average of 151.60. It’s worth noting, however, that the nearly oversold RSI (14) line signals limited downside room for the pair past the 200-SMA support of 151.60. The same highlights the aforementioned short-term resistance line surrounding 153.60 as an immediate hurdle to watch for the buyer’s entry. Following that, the pair’s gradual run-up toward the 100-SMA and previous support line stretched from December 2023, around 155.65 and 158.80 respectively. Meanwhile, the USDJPY pair’s daily closing beneath the 200-SMA support of 151.60 will need validation from 5.5-month-old horizontal support near 151.00-150.90 to keep the sellers on board. Following that, the quote’s weakness toward the 61.8% Fibonacci ratio of late 2023 to July 2024 upside, surrounding 148.50, and then to March’s low of near 146.45 can’t be ruled out. It should be observed that the 150.00 psychological magnet will act as an extra filter toward the south. Overall, USDJPY fails to cheer the BoJ’s rate hike and bounces off the key SMA amid oversold RSI conditions. The same suggests the quote’s further recovery if buyers manage to cross the immediate resistance line and gain support from the hawkish FOMC announcements.
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 extends recovery from key supports, US Retail Sales eyedUSDJPY rises the most among the G10 currency pairs early Tuesday while stretching the previous day’s recovery from an upward-sloping support line from late December 2023 and the 50-SMA. Adding strength to the Yen pair’s rebound is the improvement in the RSI (14) line. However, the bearish MACD signals and the 21-SMA hurdle, currently around 160.00, challenge the bulls ahead of the US Retail Sales for June. Apart from the short-term Simple Moving Average (SMA), an 11-week-old horizontal resistance area surrounding 160.30 will also tame the pair’s further upside. It’s worth mentioning that multiple tops marked since the start of July and ascending trend line from late April, respectively near 161.80 and 162.35, act as the final defense of the pair sellers. Meanwhile, 50-SMA and the aforementioned ascending trend line from late December 2023, close to 157.90 and 157.60 in that order, put a floor under the USDJPY pair for a short term. In a case where the Yen pair closes beneath 157.60, it becomes vulnerable to test the previous monthly low of around 154.50. However, May’s low of 151.85 and early 2024 peak surrounding 150.80, quickly followed by the 150.00 threshold, will challenge the sellers afterward. To sum up, USDJPY remains in a bullish trend ahead of the key US data but the upside room appears limited.
by MTradingGlobal
USDJPY rebounds from 157.80-75 support confluence, US data eyedUSDJPY pares the biggest daily loss in 10 weeks early Friday as traders await more clues for easing price pressure in the US, namely preliminary readings of the University of Michigan’s (UoM) Consumer Sentiment Index (CSI) and Consumer Inflation Expectations for July. It should be noted that a one-year low of the US Consumer Price Index (CPI) drowned the Yen pair the previous day while mixed Japan statistics and the market’s consolidation favored the quote’s latest recovery. That said, a convergence of the 50-SMA and bottom line of a 2.5-month-old rising wedge bearish chart formation, around 157.80-75, recently triggered the pair’s rebound as RSI took a U-turn from the below-50 zone. However, bearish MACD signals could join the 160.20-30 region comprising highs and lows marked since April to challenge the bulls before directing them to the fresh high since 1986, which in turn highlights the aforementioned wedge’s top line surrounding 162.25. On the flip side, the USDJPY pair’s inability to defend the latest rebound will shift focus back to the 157.80-75 key support. Following that, an upward-sloping trend line support from late December 2023, close to 157.30 at the latest, will be the last defense of the buyers. In a case where the Yen pair remains bearish past 157.30, its subsequent fall to the previous monthly low near 154.50 and then to May’s bottom surrounding 151.85 can’t be ruled out. That said, the 150.00 psychological magnet will be the final post for the sellers to conquer ahead of gaining the throne. To sum up, USDJPY remains in a bullish trajectory despite the previous day’s heavy fall. The downside move needs validation from 157.30 and the US/Japan fundamentals.
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.
Short
by okako_trading
USDJPY grinds within a fortnight-old bullish channelUSDJPY stays mildly bid around 161.00 early Monday as traders await the key US data/events scheduled for release during the week. In doing so, the Yen pair defends the previous three-week uptrend while approaching the highest level since 1986, marked the last week, by being within a fortnight-long bullish trend channel. It’s worth noting, however, that the nearly overbought RSI conditions and the sluggish MACD signals could join the market’s cautious mood and recently firmer Japan data to challenge the buyers around the multi-year high. The latest peak of nearly 161.30 appears an immediate upside hurdle to watch during further advances. Following that, the aforementioned rising trend channel’s top line surrounding 161.60 may test the bulls targeting the late 1986 high of 164.50. Conversely, a convergence of the bullish channel’s bottom line and the year 1990’s high, close to 160.40, appears a tough nut to crack for the USDJPY bears. Even if the Yen pair sellers manage to conquer the 160.40 hurdle, April’s peak of 160.20 and the 160.00 psychological magnet will challenge the sellers before giving them control. In a case where the quote remains bearish past 160.00, the 1.5-month-old resistance-turned-support and the 100-bar Exponential Moving Average (EMA), respectively near 159.60 and 158.75, will be the last defense of the buyers. Overall, the USDJPY pair remains within a bullish trajectory but the buyers are likely to have a long and bumpy road ahead.
by MTradingGlobal