Over the past few days, USDJPY has reached a new high, reflecting ongoing strength in the dollar amid recent economic data releases. However, a closer examination of the 1-hour timeframe indicates a lack of further upside potential.
Key observations include:
Technical Indicators: Momentum indicators suggest overbought conditions, signaling that a correction may be on the horizon.
Fibonacci Levels: A retracement of up to 50% seems plausible, aligning with historical support levels.
Economic Calendar: Upcoming economic events, including U.S. job reports and inflation data, could add volatility. Traders should stay alert for potential impacts on USDJPY.
Quick reminder: Always ensure proper risk management when trading.
Key observations include:
Technical Indicators: Momentum indicators suggest overbought conditions, signaling that a correction may be on the horizon.
Fibonacci Levels: A retracement of up to 50% seems plausible, aligning with historical support levels.
Economic Calendar: Upcoming economic events, including U.S. job reports and inflation data, could add volatility. Traders should stay alert for potential impacts on USDJPY.
Quick reminder: Always ensure proper risk management when trading.
Trade closed: stop reached
Positive news about the US employment and labor report goes against this trade.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.