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Usdjpyforecast

USDJPY: A RALLY EXPECTED.Hello traders, Dexter here with a quick update on USDJPY. This update is on the daily chart and if you are into forex trading then it is going to be helpful for you. After 84 days of bleeding reds, the USDJPY is showing some signs of recovery. A straight -16% drop has formed a falling wedge pattern and the current price action is indicating a rally around the corner. Currently, USDJPY has broken above the symmetrical pattern as well which looks good and if the market goes under the favor of bulls then we can expect the USDJPY to reach ¥138 in the coming days. The invalidation point for USDJPY will be ¥131.2 support level. Key points: * ¥131.2 support level. * ¥138 expected target. I hope this update was helpful to you. Trade safely.
Long
by Dexter_The_Trader
5
USDJPY | Perspective for the new week | follow-up detailsThe U.S. labor market report remained surprisingly strong despite ongoing efforts by the Federal Reserve to tamp down demand. The US Dollar rallied about 2% on Friday following higher-than-expected non-farm payroll data which came in at a whopping 517,000 through the middle of January. This video illustrates a technical perspective on the current market structure to decipher potential trading opportunities in the coming week. Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
by darcsherry
3
1,340 PIPS MOVEMENT ANTICIPATION ON USDJPYOn The daily timeframe , the entire structure of this asset has been bullish , though looking at the chart we can see a clear retracement in time, back to a bullish order block. Mostly when price is getting closer to an order block, it forms different patterns, in this case we see the formation of waves in a channel, using the Elliot Wave theory, there must be a five touch movement for the wave to be complete, the fifth touch should cause a breakout of the channel, and price will keep pushing higher in the direction of the breakout. Looking at the chart, what I've taken time to explain here is valid, so now what is my anticipation now is a little pull back to retest an order block that was left behind before the break out, and we can go long and target 1340 pips with a maximum of 200 pips stop loss, I personally don't use above 15 pips as my stop loss. Looking at the chart, a major inducement area is out target, cause price is always looking to take out inducement to power it movement. I also marked a major High, for education purposes, that high is what powers the last break of structure downward, once that high is taken, it further confirms the massive bullish movement, why ? Cause that'll act as our change of character. I hope this is informative, educative and profiting. You can always follow us for more contents like this. Have a nice day and happy trading.
Long
by Moshehm4
2
USDJPY Trading Plan - 8/Feb/2023Hello Traders, Hope you all are doing good!! I expect USDJPY to go Down after finishing this correction. Look for your SELL setups. Please follow me and like if you agree or this idea helps you out in your trading plan. Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management. Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea.
Short
by For3xScalper
2
JPY weakens on BoJ rumor and strong US jobs The Japanese yen has fallen past 132.50 per dollar (from 129.00 last Friday), reaching its lowest point in four weeks following reports that the government is considering Bank of Japan Deputy Governor Masayoshi Amamiya as the next central bank leader. Amamiya is seen as the most dovish of the potential candidates, putting an end to hopes of the BoJ normalizing its monetary policy after years of ultra-easy measures. However, the Japanese government has since denied the rumors that they had approached Amamiya and maintains that the new BoJ Governor will be announced sometime in February. Recently, the Japanese central bank maintained its ultra-low interest rates and yield control policy, despite speculation of a policy change. Current BoJ Governor Haruhiko Kuroda stressed the need for a sustainable 2% inflation target, accompanied by rising wages. The yen was also affected by a strong dollar due to positive US jobs data, indicating that the Federal Reserve has room to raise interest rates. In January 2023, the US economy created a surprising 517K jobs, the largest increase since July and well above the 2022 monthly average of 401K, easily surpassing the market prediction of 185K. The job growth was broad-based, with the biggest increases in leisure and hospitality (128K), professional and business services (82K), and health care (58K). Last week, USD/JPY had a noteworthy 4-hourly candle close from a technical viewpoint, breaking through the descending trendline and the psychological 130.00 level. The new 4-hourky open was in the form of a Hanging Man candlestick, with no upper wick, indicating bearish stagnation or a reversal. If we do see some retracement the 200-day moving average could act as support just below 131.00. On the weekly view of the chart, upside resistance suggests 132.90, 133.90 and 134.40 could be points of contention for the pair.
by BlackBull_Markets
#USDJPY- VERGE OF BULLS TAKING OVER!!Hey Traders, USDJPY has have faked movement in last two months since we had BOJ news on interest rate, the pair had reversed from over previous setup on #USDJPY. However, most things has changed since then firstly we have undecided DXY movement we have not had a clear dictative move. Hence, as we have NFP next week we are eying for DXY to drop until Friday as traders are eying on the data to be supporting for DXY. -Potential entry would be the area described in the chart, will keep you updated. Trade Safe and Good Luck!!!
Long
by Setupsfx_
22
USDJPY - CURRENT SENTIMENT , FUNDAMENTAL BIAS#USDJPY - As of last day, the MARKET SENTIMENT for USD was slightly UP SIDE. The main reason for that is that the JPY is starting to weaken quite a bit. It happened because of the BOJ MEETING. This time after the FOMC, the dollar has also weakened. - Due to MARKET RISK ON, all MARKETS including STOCKS and COMMODITIES are going up a bit now. - There is definitely a high possibility that USDJPY will go UP a bit more and move to 133.67 LEVEL. Anyway, USDJPY price can go down to 125.02 LEVEL after that. We focus on MARKET UPDATES and MARKET SENTIMENT. Follow the given MARKET STRUCTURE.
by benny_marshall
UsdJpy- 131 zone holds the keySince the end of October last year, UsdJpy has dropped 2500 pips from top to bottom. However, considering the rise of 50% of the pair since the beginning of 2021, this is just a correction of the long-term trend and, in fact, the pair seems to have found a bottom exactly in 50% Fibo retracement of this strong bull leg. At this moment the pair is consolidating under the important 131 resistance, and a break above this level could lead to gains to the 135 zone resistance in the medium term. I'm bullish on this pair, waiting for confirmation though
Long
by Mihai_Iacob
3