USDJPY forming a downtrend

25 июл.

The risk of Japan raising interest rates combined with recent suspected intervention in the foreign exchange market has supported the Yen's recovery. If US second quarter GDP and June PCE data are unimpressive then USDJPY is expected to continue to decrease.
Even though S&P Global announced on the same day that the US Composite Purchasing Managers' Index (PMI) for July rose to 55.0, the highest since April 2022, the market is still continuing to short USD/JPY ahead of the Bank of Japan meeting.

On the daily chart, since USDJPY broke below the price channel and found bearish conditions taking price activity below the EMA21 and below the 0.236% Fibonacci retracement level, it has formed a trend channel. decreasing direction.

In the short term, the fact that USD/JPY remains in the price channel and is below the 0.382% Fibonacci level shows that there is still room for price decline to continue towards 151.128, the price point is the confluence of the lower edge of the price channel. and the 0.50% Fibonacci retracement level.

As long as USD/JPY remains in the price channel, the short-term trend will still be downtrend, on the other hand if USD/JPY falls below and breaks below the 0.50% Fibonacci level, a new short-term bearish cycle will be in place. opens with further targets at 148.570.

During the day, the bearish outlook for USD/JPY will be highlighted by the following technical levels.
Support: 151,875 – 151,128
Resistance: 153.119 – 153.685

30 июл.

Заметка

USD/JPY steady above 154.40 despite growing expectations of BoJ rate hike

The yen extended its decline for the second straight session on Tuesday. Traders remain cautious ahead of the Bank of Japan's (BoJ) policy meeting on Wednesday, which is likely to see the bank raise interest rates. The market is predicting that the BoJ could raise interest rates by 10bps to 0.1% and is expected to announce plans to cut its bond buying program.

30 июл.

Заметка

5 авг.

Заметка

USD/JPY is down nearly 13% from its July peak and stocks are headed for a bearish market. Japanese government bond yields also dropped the most in two decades. The slide in bond yields weighed on banks' earnings, sending shares of Mitsubishi UFJ Financial Group, the nation's largest lender, down a record 21% during the session.

9 сент.

Заметка

USD/JPY is trading below the 50-day and 200-day EMA, confirming the bearish bias. If USD/JPY recovers to 142.5, it will open up the possibility of testing the resistance area at 143.49. In case of overcoming the threshold of 143.49, buyers can push the exchange rate towards the next resistance mark at 145.89. It is important to note the impact of Japanese GDP figures and key US economic indicators. Conversely, if the exchange rate falls below 142, it could trigger stronger selling momentum, towards the support area of ​​141.03. The 14-day RSI is at 32.46, showing that USD/JPY may continue to fall to the 142 area before entering an oversold state.