USDJPY SHORT

24 окт. 2023 г.

📉 USDJPY SELL 📉
💰Take Profit 1 - 148.92
💰Take Profit 2 - 148.42
💰Take Profit 3 - 147.92
❌ Stop loss - 150.72

Technical analysis:

The USDJPY pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 149.72, and a sell entry point of 149.72 is just below the recent high of 149.92.

The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.

Fundamental analysis:

The US dollar is generally seen as a safe-haven currency, and it has been weakening against the Japanese yen as concerns about the global economy have subsided.

Second, the Federal Reserve (Fed) is expected to raise interest rates more slowly than the Bank of Japan (BoJ), which could put downward pressure on the USD against the JPY.

Finally, the US economy is expected to grow more slowly than the Japanese economy in the near term. This is due to a number of factors, including the strong demand for Japanese exports.

Risks:

There are a few risks to consider before entering a trade on USDJPY. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a rise in USDJPY.

Second, the Fed is also expected to raise interest rates, which could put upward pressure on the US dollar.

Finally, the Chinese economy is expected to weaken in the near term due to the ongoing trade tensions with the US. This could put upward pressure on the JPY against the USD.