USDJPY: What to expect for the upcoming days?
Hello there!
So after the Q3, and the decisions that has been taken by the BOJ concerning the interest rate, in addition to the 0.4% rise in the CPI. As well as the decrease in the DXY during the last month -4.79% and in the last 5 days a decrease that resulted -3.13%. Those factors alone can picture the path of the USDJPY.
Going now into the technical part, too many indicators said the way now is bearish, but let's take things more friendly and talk about the structure. Now in lower time-frames, we can see that there was an order block that indicated that the currency will go bull to reach approx. (141.600 - 141.800). But it seemed that it reached something of 140.800, and went bear. So what we could exepect after this small hike?
Well, according to some indications and order blocks, taking into consideration the supp. and res. areas, the currency could reach (133.300). But, following the news and the decisions that could be taken will be the ones who decide if the USDJPY will rally down more, or go for a reversal. But in the mean time, nothing indicates at all a reversal based on decisions from the federal reserve or the BOJ, as well as the technical analysis.
So after the Q3, and the decisions that has been taken by the BOJ concerning the interest rate, in addition to the 0.4% rise in the CPI. As well as the decrease in the DXY during the last month -4.79% and in the last 5 days a decrease that resulted -3.13%. Those factors alone can picture the path of the USDJPY.
Going now into the technical part, too many indicators said the way now is bearish, but let's take things more friendly and talk about the structure. Now in lower time-frames, we can see that there was an order block that indicated that the currency will go bull to reach approx. (141.600 - 141.800). But it seemed that it reached something of 140.800, and went bear. So what we could exepect after this small hike?
Well, according to some indications and order blocks, taking into consideration the supp. and res. areas, the currency could reach (133.300). But, following the news and the decisions that could be taken will be the ones who decide if the USDJPY will rally down more, or go for a reversal. But in the mean time, nothing indicates at all a reversal based on decisions from the federal reserve or the BOJ, as well as the technical analysis.
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