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US Dollar Steadies as Market Awaits Economic Data, Yen SoftensIn early European trading, the US dollar steadied near a one-week high against a basket of currencies, holding at 103.559 on the Dollar Index. This stability follows a period of weakness in November, marked by traders anticipating significant rate cuts by the Federal Reserve in the coming year. However, recent actions have seen a shift in sentiment as investors scaled back on dovish expectations, waiting for crucial economic indicators this week, including job openings, ISM services activity data, and the highly anticipated nonfarm payrolls report on Friday. Amid this anticipation, the Japanese yen experienced a slight dip against the dollar, trading at 147.08, influenced by concerns over inflation. Tokyo's Core CPI for November showed a decrease to 2.3%, down from October's 2.7% and below the expected 2.4%. The Bank of Japan remains cautious about tightening its monetary policy despite persistent inflation above the 2% target, citing the need for sustained wage growth for long-term inflation sustainability. The BoJ's upcoming meeting in mid-December will be closely watched for any potential policy shifts. As for the US, focus is on the imminent release of the ISM Services PMI, being for November hovering around 52.7 after October's decline to 51.8. Meanwhile, technical analysis for USD/JPY indicates resistance levels at 148.77 and 147.72, with support at 146.48 and 145.96 Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
Short
by legacyFXofficial
USDJPY: Bottom of Channel Up. Time to decide.USDJPY is trading inside a Channel Up since the start of the year, with the 1D technical outlook just turning red (RSI = 40.803, MACD = -0.760, ADX = 32.756) as the price reached its bottom under the 1D MA100. The 1D RSI shows a rounded bottom, as it did on March 24th, so it is an optimal level to buy and target the R1 level (TP = 152.000). Since though the November 13th top and rejection happaned on that R1 level itself, it is not impossible to see the Channel Up finally break and start a long term correction. Consequently if the price crosses under the dotted trendline, we will target the 1D MA200 initially (TP1 = 143.050) and following a relief rebound, eventually aim for the S1 level (TP2 = 138.085). 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. ##
by InvestingScope
NJ,trend still pushing for more upside?Hello fellow traders , my regular and new friends! Welcome and thanks for dropping by my post. NJ on the higher timeframe of D1 and H4 still bullish to me. Decent pullback should be buying and good for swing long up. 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. *********************************************************************
Long
by Shadowing_The_Big_Boys
"JPY Surges to Three-Month High Against USD"The Japanese Yen extended its robust upward momentum against the US Dollar on Friday and kicked off the new week with a positive sign, pulling the USD/JPY pair to a nearly three-week low around the 146.25-146.20 range during the Asian trading session. The US Dollar is attempting to recover from its lowest point in two and a half months at 146.65, supported by a slight rebound in US Treasury yields, which is exerting pressure on the Japanese Yen. On Thursday, New York Fed President John Williams suggested that interest rates could reach their highest point, supporting this perspective. In this context, the analysis of Fed Chairman Powell's conference later today will be closely scrutinized to evaluate the central bank's next steps. On the other hand, growing expectations that the Bank of Japan may move away from its extremely accommodative monetary policy by 2024 are providing some support for the JPY. From a broader perspective, this currency pair maintains a downward trend from its mid-November high near 152.00, with a resistance level at 148.75 likely to limit the upward movement before the late November peak at 149.75. Support levels are identified at 147.77 and 146.65.
by Larissa-Trader
USD/JPY Remains Bearish Trend: What Comes Next?After descending from a double top formation at 151.54, USD/JPY established a support level at 148.25. However, it has recently breached this support, indicating a potential move towards the next support level at 145.53. Investor attention was captivated early on Friday by Japan's unemployment data. The unemployment rate saw a decline from 2.6% to 2.5% in October. Additionally, the jobs-to-applications ratio edged up from 1.29 to 1.30, reflecting further positive developments in the job market, despite expectations for these figures to remain steady. The strengthening labor market in Japan may bolster consumer spending. Increased consumer activity could spur demand-driven inflation, which might lead to a shift in the Bank of Japan's monetary policy, particularly regarding the current negative interest rates.
Short
by Official_4e
AUDJPY SHORT(Did this publishing on my mobile app.) On the Daily timeframe, a potential ABC pattern has been spotted. If you look left, the ABC pattern from the past is what I’m referring to. The RSI is overbought at this level and there is also a potential divergence being created between price and RSI. Buyers seem to still want to push but the effort in action seems like it’s gassing. Took an initial entry with a 1:1 setup and may start planning for an additional entry depending on price movement down the road. This is a weekly/ daily trade and will take some time. Not advice. If stop loss gets hit, we will reassess.
Short
by Redimere_91
4
GBPJPY → The bullish trend will continue, but... FX:GBPJPY is forming a set-up within the ascending channel, which predicts the continuation of the trend, but for this the price needs to overcome the resistance at 188.28. On D1 we can see that fundamentally and technically the national currency of Great Britain looks much stronger than the Japanese currency, although Tokyo has been trying hard to strengthen the currency lately, which technically works, but only against the background of the weakening of the dollar index. From the point of view of technical analysis, the price is pushing away from the support of the ascending channel and continues to forge the ascending triangle, a false breakdown of the resistance was formed earlier, but there is no fall, which could change the trend. The price is returning to the resistance, which only confirms the target level: 188.28. A break of this resistance will continue to form an impulse, which will only continue the trend. The moving averages are supporting the trend. Support levels: 186.8, 0.236 fibo, 0.382 fibo Resistance levels: 187.13, 187.55 188.28 The market outlook is bullish, at least for the moment. There are no prerequisites for a possible breakout of support, so we stick to the realization of the bullish scenario. Regards R. Linda!
Long
by RLinda
13
NZDJPY ShortI usually publish daily charts but will now switch to 4 hour. There looks to be rsi divergence between the 4 hour, daily, and weekly timeframes (dotted line). Price has been rising on low decreasing buyer volume recently. Started a leg here and am looking for a 20% to 40% fib retracement of the previous macd low. Buyers seem to be staggering a bit at this resistance zone on this timeframe. Buyers are still fighting pretty good on the daily and weekly but im focusing on the rsi divergence with the 4 hour volume to price divergence. Not advice. What do you think?
Short
by Redimere_91
GBPJPY Cyclical sell opportunityIt's been quite long since we had a short-term trade (see chart below) on the GBPJPY pair: This time we found an excellent long-term sell opportunity on the 1W time-frame. As you can see it is cyclical in nature having emerged by the rejection of the price on the Higher Highs trend-line of the 4-month Ascending Triangle. The cyclical characterization stems from the comparison with the October 18 2021 rejection on a similar Ascending Triangle Higher High trend-line. The whole structure of the two fractals looks very much alike as they both started off with an aggressive expansion phase that led to the Triangle. The Higher High rejection then, led to a 1W MA50 (blue trend-line) test. We are aiming for that same 1W MA50 test, expecting it to make contact with the bottom of the Ascending Triangle at 178.500. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
Japanese Yen's Caution Amid USD/JPY Trends and US PCE DataThe Japanese Yen continues to exhibit relative strength amid hawkish expectations from the Bank of Japan (BoJ). Bets on a series of Fed interest rate cuts in 2024 are dampening the USD and weighing on USD/JPY. Bearish speculators are becoming cautious, eagerly awaiting the release of the US Personal Consumption Expenditures (PCE) Index data later this Thursday for fresh market impetus. From a technical perspective, USD/JPY has shown potential for a recovery below the 100-day Simple Moving Average (SMA), signaling caution for trend-following traders. This indicates that daily chart oscillators are deeply entrenched in negative territory but still far from oversold levels. Conversely, this suggests that the path of least resistance for spot prices remains downward, and any meaningful recovery attempts could be viewed as selling opportunities. Meanwhile, Wednesday saw the USD/JPY touch multi-month lows around the 146.65 region, seemingly defending immediate weakness. Below this level, USD/JPY could swiftly push the downside momentum towards the psychological 146.00 mark. On the flip side, the 147.30-147.35 region may act as an immediate barrier ahead of the high overnight volatility, around the 147.90 area and the 148.00 mark. Any further upward movement may attract new sellers and remains constrained near the strong horizontal support-turned-resistance level at 148.30. In summary, caution prevails in the face of the Japanese Yen's bullish trend, with the focus shifting to the US PCE data for potential market catalysts. Technical indicators suggest a bearish bias for USD/JPY, with key support and resistance levels influencing the near-term trajectory.
by Larissa-Trader
NZDJPY to continue in the upward move?NZDJPY - 24h expiry There is no clear indication that the upward move is coming to an end. A lower correction is expected. Risk/Reward would be poor to call a buy from current levels. A move through 90.75 will confirm the bullish momentum. The measured move target is 91.50. We look to Buy at 90.50 (stop at 90.18) Our profit targets will be 91.30 and 91.50 Resistance: 91.00 / 91.40 / 91.50 Support: 90.50 / 90.25 / 90.00 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.
Long
by OANDA