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Potential double top on USD/JPYThe weekly chart shows a bullish engulfing candle formed last week, which marks 140.25 as an important swing low. Whilst we remain unconvinced the pair will simply break above 152, it does show the potential to extend its countertrend bounce. However, with the pair stalling beneath last week’s high ahead of a key US inflation report, the potential for a pullback seems feasible. The 4-hour chart shows that a bearish divergence is forming with RSI (14) and the US2yr-JP2yr spread. Given last week’s high was just shy of 146 and the monthly S1 pivot, we’re on guard for a double top to send prices lower. Therefore, bears could fade into moves towards 146 with a stop above the monthly S1 pivot at 146.15. For a large bearish reaction over the next 24 hours, we’d likely need to see a softer set of numbers from the US inflation report relative to expectations.
Short
by CityIndex
CHFJPY: The rally has only just startedCHFJPY is technically bullish on its 1D timeframe (RSI = 60.353, MACD = 0.670, ADX = 36.092) but the picture is more efficiently depicted on the 1W chart where it has already completed three straight green weeks. The 1W RSI points to a multimonth rally comparable to those that started in May 2022 and March 2023. Both peaked at a little over +18.00%. This time though the price is already near the top of the Channel Up so we will wait for it to break and validate the rally bias (TP = 185.000). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
2
USD/JPY Analysis: Bearish Momentum Persists Amid BoJ Policy...USD/JPY Analysis: Bearish Momentum Persists Amid BoJ Policy Uncertainty The USD/JPY pair struggles to find upward momentum, remaining entrenched in a bearish trajectory after touching the 50% Fibonacci level from the previous swing high. As the market digests the aftermath of the New Year's Day earthquake in Japan and contemplates the Bank of Japan's (BoJ) policy decisions, the Japanese Yen (JPY) faces downward pressure. Despite a modest uptick in the US Dollar (USD), the USD/JPY pair hovers just below the mid-144.00s as the European session commences on Monday. Technical Analysis: V-Shaped Reversal Potential Our analysis reveals a compelling scenario on the higher timeframe, suggesting the possibility of a V-shaped reversal. The price rebounded precisely from the 50% and 61.8% Fibonacci area, situated below the 200 Moving Average. Notably, the Relative Strength Index (RSI) resides in the overbought territory, supporting our bearish continuation hypothesis. Upcoming Event: Japan's Tokyo Consumer Price Index (CPI) The upcoming week kicks off with the release of Japan's Tokyo Consumer Price Index (CPI), a critical event that could influence the market's perception of the BoJ's monetary policy. Investors closely monitor inflation figures as they seek clues regarding the BoJ's stance on its existing hyper-easy monetary policy. Japan's Tokyo CPI for the year-ended December is forecasted to slip from 2.3% to 2.1%, reflecting potential challenges for the BoJ to meet its 2% inflation target. Conclusion: In the midst of ongoing uncertainty surrounding the BoJ's policy decisions and Japan's inflation dynamics, the USD/JPY pair remains in a bearish momentum. Our analysis suggests the potential for a bearish continuation, as indicated by the V-shaped reversal scenario and the RSI signaling overbought conditions. Traders are advised to stay vigilant, with Japan's inflation data likely to shape market sentiment and guide future decisions. Our preference Short positions below 147.70 with entry at 145.00 and targets at 143.00 & 141.50 in extension.
Short
by FOREXN1
1
Sell EURJPY Channel Breakout1. European underperformance relative to the US should weigh on the shared currency. 2. The Japanese currency was a significant underperformer during the global tightening phase, and so we believe the currency can become a significant outperformer during the global easing phase. 3. A likely hawkish monetary policy shift from the Bank of Japan later this year, combined with a weak US economy and lower US interest rates next year, should see the Yen strengthen Thank you
Short
by KABHI_FOREX_TRADING
4
AUDJPY: Buy signalAUDJPY is neutral on its 1D technical outlook (RSI = 51.262, MACD = -0.010, ADX = 30.583) as it has been trading around its 1D MA50 for the last three weeks. We are currently on the bullish wave after the Channel Up made a HL on the 1D MA200, which is the long term Support (since June 2nd 2023). We are going long on today's pullback and target the R1 level (TP = 98.635). See how our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
USDJPY's Breakout and Economic IndicatorsGreetings Traders, In today's trading session, our focus shifts to USDJPY, where we are actively monitoring a potential selling opportunity around the 144.600 zone. After trading in an uptrend, USDJPY has experienced a significant breakout to the downside. The currency pair is currently navigating a correction phase, steadily approaching the critical retrace area at the 144.600 support and resistance zone. A deeper analysis involves considering recent economic indicators. The Federal Open Market Committee (FOMC) and Consumer Price Index (CPI) data play pivotal roles in understanding the broader economic landscape. The most recent FOMC meeting revealed a dovish stance, with an emphasis on supporting economic recovery. Additionally, the CPI figures highlight inflation easing, contributing to the cautious approach of the central bank. Moreover, the latest Institute for Supply Management (ISM) figures underscore the challenges faced by the U.S. manufacturing sector, with the index slipping to 50.6, below both the forecasted 52.5 and the previous 52.7. This unexpected downturn in manufacturing adds a layer of complexity to USDJPY's correction phase, potentially furthering the weakening of the U.S. dollar. As USDJPY hovers around the 144.600 level, traders should exercise vigilance and consider the broader economic context when making trading decisions. The confluence of technical and fundamental factors enhances the significance of this monitoring session, urging traders to remain adaptable to evolving market conditions. Trade safe, Joe.
Short
by JoeChampion
2
UJ at a flip zoneHello fellow traders , my regular and new friends! Welcome and thanks for dropping by my post. Looking at a potential double bottom to break to the upside, if that doesnt happen UJ likely gonna move lower ,waiting for h1 confirmation... Do check out my stream video for the week to have more explanation in place. Do Like and Boost if you have learnt something and enjoyed the content, thank you! -- Get the right tools and an experienced Guide, you WILL navigate your way out of this "Dangerous Jungle"! -- ********************************************************************* Disclaimers: The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes. *********************************************************************
by Shadowing_The_Big_Boys
EURJPY, USDJPY, GBPJPY: Thoughts and AnalysisWelcome to 2024 Traders and Tradingview community. So far this week, we have seen plenty of volatility to start the new year. Crypto has seen solid moves, and the USD has been mainly positive into the first week of the year. The JPY has also been seeing movement, but mainly to the downside into 2024. It's the majors that have caught our attention today as we have watched higher moves contnue. We have run over the USD, GBP, and EUR to the JPY and reviewed what we like and what we are looking for to see further higher moves and possibly new trends or continuations develop. What do you think? Could we see new continuations if we see pullbacks and new higher highs?
by Eightcap
1
NZDJPY to form another swing high?NZDJPY - 24h expiry The trend of lower highs is located at 90.50. We expect a reversal in this move. Risk/Reward would be poor to call a sell from current levels. A move through 89.75 will confirm the bearish momentum. The measured move target is 89.50. We look to Sell at 90.30 (stop at 90.70) Our profit targets will be 89.30 and 89.05 Resistance: 90.30 / 90.50 / 90.65 Support: 89.75 / 89.60 / 89.50 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Short
by OANDA
USDJPY to see a limited rally?USDJPY - 24h expiry The medium term bias remains bearish. Trading within the Channel formation. The sequence for trading is lower lows and highs. Risk/Reward would be poor to call a sell from current levels. Preferred trade is to sell into rallies. We look to Sell at 143.25 (stop at 143.85) Our profit targets will be 141.75 and 141.35 Resistance: 143.25 / 143.75 / 144.50 Support: 142.25 / 141.50 / 140.60 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Short
by OANDA