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USDJPY.1000.CFD trade ideas

USDJPY drops within falling wedgeUSDJPY struggles to defend the first positive week in five, grinding lower inside a falling wedge bullish chart formation. It should be noted that the bullish MACD signals and upward-sloping RSI (14) line, not overbought, keep buyers hopeful despite the latest weakness of the Yen pair. However, a sustained break of the 50-SMA hurdle surrounding 131.85 becomes necessary for the Yen pair buyers to retake control. Following that, the 200-SMA and the monthly high, respectively near 134.00 and 137.95, could probe the quote’s advances during the run-up to achieve the theoretical target of around 139.85. On the flip side, an ascending support line from mid-January, near 130.60 at the latest, restricts the short-term USDJPY downside, if the Yen pair defies the latest bullish breakout by dropping back below the 131.40 resistance-turned-support. In a case where the pair remains weak past 130.60, the 130.00 round figure and the latest swing low around 129.70 may entertain sellers before challenging them by the stated wedge’s lower line, close to 129.20. It should be noted that the quote’s weakness past 129.20 makes it vulnerable to declining toward the yearly low of 127.21, marked in January. Overall, USDJPY consolidates the monthly losses and is likely to regain the buyer’s confidence in the next month.
by MTradingGlobal
Head and shoulder pattern formation in USD JPY pairThe USD JPY pair is trying to make a head and shoulders pattern in its daily chart ,that may help the pair to touch its pre covid level of 110-115 lvls provided if it breaks the 68.10% of fibo lvl (125.36) clearly. Fundamentaly also the current formation of US and euro banking crisis (led by fall of SVB & other regional bank from US to fall of CS bank in Euro zone and now DB cds hiting 4 yr highs) has created risk -off sentiment in the investors and has caused the appreciation of JPY ( a safe heaven ).A further deterioration of investors sentiments due to the looming baking crisis may further extend the JPY to appreciate in coming days.
by ashipa22
USDJPY bears appear tiring as the Fed week beginsUSDJPY marked the biggest weekly loss since early January despite trading within a one-week-long descending triangle. Apart from the bullish chart formation, sluggish MACD and nearly oversold RSI (14) also challenge the Yen pair sellers. That said, the stated triangle’s bottom line, around 131.40, acts as immediate support for the bears to watch before targeting the 78.6% Fibonacci retracement level of the February-March upside, near 130.15. In a case where the quote remains bearish past 130.15, and also breaks the 130.00 round figure, the odds of witnessing a slump towards the lows marked in February and January, respectively near 128.00 and 127.20, can’t be ruled out. Meanwhile, a sustained break of 132.60 offers a bullish chart confirmation, which in turn suggests a theoretical target of 136.50. However, the 200 and 100 SMAs, respectively around 133.80 and 135.30, could test the USDJPY buyers. Following that, the theoretical target of 136.50 and a previous support line from early February, near 137.70, could lure the pair buyers. Overall, USDJPY is likely bracing for recovery but the stated triangle’s resistance line, as well as the key SMAs could challenge the run-up.
by MTradingGlobal
USDJPY attracts bears but 200-SMA is the key supportUSDJPY marked a second consecutive weekly loss, as well as broke an ascending trend channel, as BoJ Governor Haruhiko Kuroda departs after the decade-long workmanship. The bearish break also gains attention as the quote slips beneath the 100-SMA for the first time in more than a month. However, the nearly oversold RSI and 200-SMA, around 133.30 at the latest, challenge the Yen pair’s further downside. Following that, the 50% Fibonacci retracement level of February-March advances, near 132.90, acts as the last defense of the buyers before directing sellers towards the 130.00 round figure, as well as the February 10 swing low surrounding 129.80. Meanwhile, USDJPY recovery remains elusive unless the quote remains below the 135.65-70 resistance confluence, including the 100-SMA and the aforementioned channel’s lower line. Should the Yen pair manage to remain firmer past 135.70, the 137.00 could test the bulls before highlighting the monthly high of 137.90, the stated channel’s top line, near 139.10, and the 140.00 psychological magnet. Overall, USDJPY is on the bear’s radar and is likely to decline further but the 200-SMA may test the further downside momentum.
by MTradingGlobal
USDJPY eases from key hurdle to the north ahead of BoJ, NFPUSDJPY marked the first weekly loss in three as the key Bank of Japan (BoJ) Monetary Policy Meeting and the US Nonfarm Payrolls (NFP) looms. The Yen pair’s latest retreat could be cited as a failure to cross the 200 and 100-DMA. Adding strength to the pullback move could be the overbought RSI (14). However, the bullish MACD signals and a three-day-old ascending support line, around 134.15 by the press time, challenge the quote’s immediate downside. Following that, the 78.6% Fibonacci retracement level of the pair’s May-October 2022 run-up, near 131.75, could lure the bears before directing them to the 130.00 psychological magnet and the last January’s low, close to 127.20. Meanwhile, the 100-DMA and the 200-DMA guard the USDJPY pair’s immediate recovery moves near 136.80 and 137.30 respectively. It’s worth noting that the risk-barometer pair’s successful run-up beyond 137.30 isn’t an open invitation to the bulls as the 50% and 38.2% Fibonacci retracement levels could challenge the further advances around 139.15 and 142.20 in that order. Overall, USDJPY bulls are running out of steam ahead of BoJ Governor Haruhiko Kuroda’s last monetary policy show, as well as the key US jobs report for February.
by MTradingGlobal