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Japanese Yen / U.S. Dollar

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USDJPY: Outlook is still bullish!USD/JPY is trading near 159.00 early Friday, below its highest level since April. Japan's verbal intervention provides support for the Japanese Yen amid BoJ uncertainty over interest rate hikes and mixed national CPI data. US Dollar recovery slows ahead of key PMI data. From a purely technical standpoint, the trend is bullish across all timeframes and with the saying that “the trend is your friend” it is more likely to continue higher. USD/JPY is currently trading at 158.50 as it continues to rise in the ascending channel.
by HamedMarkets
USDJPY pokes key resistance amid mixed market, light calendarUSDJPY struggles to defend a two-day winning streak and the weekly gains while jostling with a seven-week-old symmetrical triangle’s resistance line early Monday. In doing so, the Yen pair also prints an inability to cross a broad resistance zone comprising tops marked since late April, around 158.00-158.50. However, the quote’s sustained trading beyond the 200-bat Exponential Moving Average (EMA) and the upbeat RSI (14) line keep buyers hopeful beyond witnessing a clear downside break of 156.00. Even so, the aforementioned triangle’s bottom line and an upward-sloping trend line support from late March, respectively near 155.60 and 153.40, will act as the final defense of the bulls before giving control to the bears. Meanwhile, fresh buying in the USDJPY pair will gain momentum beyond 158.50, which in turn could direct buyers toward the 160.00 psychological magnet. However, the latest multi-year peak of 160.20 and the year 1990’s high of near 160.40 could poke the Yen pair buyers afterward. If the quote remains firmer past 160.40, the odds of witnessing a gradual run-up toward the late 1986 peak of 164.50 and then to the 1978 low of 177.00 can’t be ruled out. Overall, the USDJPY remains in a bullish trajectory despite recent inaction.
by MTradingGlobal
USDJPY: Market Analysis1. The time frame chosen for analysis is 4H 2. The market has been making higher highs and higher lows indicating strong bullish nature and the price is in an uptrend 3. The market also has been following a trendline below which there is a lot of liquidity 4. Before taking entry it is always advisable to follow the trend 5. Take the entry on pullbacks near the orderblocks, or fvgs only after a confirmation in the lower time frame in 15 min time frame after a choch Knowledge is WEALTH! These posts are to provide you with Knowledge and for your education!
Long
by VitalismTraders
USDJPY: A LONG ENTRYMARKET STATUS: 1. the market has been making higher highs and higher lows 2. The market has been making bos with fvg indicating the presence of the institutions 3. The price has been currently making shorter candles and there is slow momentum 4. the market might take liquidity on the downside and start moving up so wait for the market to make a pullback 5. for confirmation entry let the market in the 15 min time frame make a choch and then take the entry TRADING IS A MATHEMATICAL PROBABILITY GAME. BEFORE TAKING ENTRY MAKE SURE YOU HAVE MORE REASONS FOR LONG THAN SHORT SO THAT YOU ARE ON THE RIGHT SIDE OF THE WINNING PROBABILITIES
Long
by VitalismTraders
1
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 the press time, becomes necessary to convince buyers. Following that, 158.00, 158.40 and the 160.00 round figure will test the buyers. In a case where the bulls keep the reins past 160.00, the year 1990’s peak of 160.40 will be the final defense of the bears. Meanwhile, the 23.6% Fibonacci ratio of the USDJPY pair’s December 2023 to April 2024 upside, near 155.50, will precede the 50-SMA support of 155.10 and the 155.00 round figure to limit the short-term downside. Should the quote remain bearish past 155.50, an upward-sloping support line from late March, around 153.25 at the latest, will be the key support to watch. It should be observed that a daily close beneath 153.25, as well as a sustained trading beneath the 153.00 threshold, will make the Yen pair vulnerable enough to slump toward the multiple tops marked during late March and early April, near the sub-152.00 region. Overall, the USDJPY remains in the bullish mode as the key week begins.
by MTradingGlobal
USDJPY Trading RecommendationInstrument: USD/JPY Position: Sell Entry: 156.300 1st Target: 154.760 2nd Target: 153.650 Stop Loss: 157.800 Rationale: The USD/JPY pair is exhibiting signs of a bearish trend, with recent price action indicating a potential downward movement. Entry: The entry point for this sell position is set at 156.300, reflecting a strategic point where downward momentum is likely to accelerate. Targets: Our primary target stands at 154.760, representing a significant support level where we anticipate a notable price reaction. The secondary target is positioned at 153.650, indicating a deeper retracement and further potential profit-taking opportunity. Stop Loss: To manage risk effectively, a stop loss is placed at 157.800, just above the anticipated resistance level. This ensures a controlled exit in case of unexpected market movements. Disclaimer: Trading involves inherent risks, and this recommendation should be considered alongside individual risk tolerance and market analysis. It is advisable to use proper risk management techniques, including the use of stop-loss orders, to mitigate potential losses.
Short
by GODOCM
USDJPY - SHORTPrice already in my area of value, just waiting for the market to tell me to get in on a short. 73.82% of traders holding short positions (short-to-long ratio of 2.82 to 1 (They raised their position compared to yesterday) Here, I have another juicy setup on this USDJPY, it is not too late to take an entry now, an entry for a short. I opted to enter for short on this pair. Stop-loss orders have their place, and I trusted my eyes more than my heart. Short Bias for the upcoming week. - --------------- **First Scenario - Short:** First Target: $155.00 Second Target: $153.50 Entry: $156.95 Stoploss: $157.30 **Second Scenario - Long:** Initial Target: $159.5 Entry: $157.20 Stoploss: $156.75 - --------------- Take into consideration: Psychological Resistance at $160 Psychological Support at $152 - --------------- NFA DYOR - --------------- Good Luck! ⚠️ Caution: Just because I've set my buy and sell position Settings or drawn direction lines on my chart doesn't indicate I've opened a position or am obsessed with a particular bias. This is only a forecast; I don't trade when the price reaches my level; I have rules of engagement. Perhaps the most crucial element is 🆘RISK MANAGEMENT🆘.
Short
by irfanp056