USDJPY Long (London Open)
USDJPY BUY
Take Profit 1 - 142.00
Take Profit 2 - 142.50
Take Profit 3 - 143.00
Stop loss - 140.20
Here is my more in-depth analysis of USDJPY:
The USDJPY pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 141.20, and a buy entry point of 141.20 is just below the recent high of 141.40.
There are a few reasons why USDJPY could continue to rise in the near term. First, the USD is generally seen as a safe haven currency, and it has been strengthening against the JPY in recent weeks as concerns about the global economy have grown. Second, the US Federal Reserve is expected to raise interest rates more quickly than the Bank of Japan, which could strengthen the USD against the JPY. Finally, the JPY has been weakened by the recent decline in risk appetite.
Technical analysis:
From a technical perspective, the USDJPY pair is trading above its 200-day moving average, which is a bullish signal. The pair is also forming a bullish triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The US economy is showing signs of recovery, with GDP growth picking up in recent months. The unemployment rate is also falling, which is another positive sign for the US economy. The Japanese economy is also growing, but at a slower pace than the US economy. This could lead to a relative outperformance of the USD against the JPY in the near term.
Risks:
There are a few risks to consider before entering a trade on USDJPY. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the USDJPY pair. Second, the Bank of Japan is expected to continue to pursue an ultra-loose monetary policy, which could put downward pressure on the JPY. Finally, the US Federal Reserve is expected to raise interest rates more quickly than the Bank of Japan, which could put downward pressure on the USDJPY pair.
Overall:
I think USDJPY is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on USDJPY:
The economic outlook for the US and Japan.
The level of volatility in the forex market.
The price of risk assets, such as stocks and commodities.
Take Profit 1 - 142.00
Take Profit 2 - 142.50
Take Profit 3 - 143.00
Stop loss - 140.20
Here is my more in-depth analysis of USDJPY:
The USDJPY pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 141.20, and a buy entry point of 141.20 is just below the recent high of 141.40.
There are a few reasons why USDJPY could continue to rise in the near term. First, the USD is generally seen as a safe haven currency, and it has been strengthening against the JPY in recent weeks as concerns about the global economy have grown. Second, the US Federal Reserve is expected to raise interest rates more quickly than the Bank of Japan, which could strengthen the USD against the JPY. Finally, the JPY has been weakened by the recent decline in risk appetite.
Technical analysis:
From a technical perspective, the USDJPY pair is trading above its 200-day moving average, which is a bullish signal. The pair is also forming a bullish triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The US economy is showing signs of recovery, with GDP growth picking up in recent months. The unemployment rate is also falling, which is another positive sign for the US economy. The Japanese economy is also growing, but at a slower pace than the US economy. This could lead to a relative outperformance of the USD against the JPY in the near term.
Risks:
There are a few risks to consider before entering a trade on USDJPY. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the USDJPY pair. Second, the Bank of Japan is expected to continue to pursue an ultra-loose monetary policy, which could put downward pressure on the JPY. Finally, the US Federal Reserve is expected to raise interest rates more quickly than the Bank of Japan, which could put downward pressure on the USDJPY pair.
Overall:
I think USDJPY is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on USDJPY:
The economic outlook for the US and Japan.
The level of volatility in the forex market.
The price of risk assets, such as stocks and commodities.
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.