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Jpyusdlong

USD/JPY: Yen Strengthens Amid Policy ExpectationsThe Japanese Yen gains support from anticipated BoJ policy shifts, fostering a safer environment and limiting USD/JPY within lower USD demand. Investor focus on US economic data before FOMC minutes remains crucial. Technically, breaching the 200-day SMA signals a USD/JPY downtrend. Daily chart indicators suggest potential further losses. Any upward movement could prompt selling near 142.00, leading to short-term profit-taking around 142.40 and targeting the 200-day SMA at 143.00. Support lies at 141.00, guarding against declines toward recent lows near 140.25 and the psychological level of 140.00. A firm break below 141.00 may accelerate a decline towards 139.35, aiming for levels near 139.00, 138.75, and 138.00 (the July 28th low).
by Larissa-Trader
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
USD/JPY Hits Six-Week Low Near 148.50, Faces Key SupportThe USD/JPY pair remains under selling pressure for the fourth consecutive day, reaching its lowest point since October 4 during the Asian trading session on Tuesday. However, the spot price has slightly rebounded in the past few hours and is trading around the 148.00 level. USD/JPY continues to trade near its lowest level in six weeks, extending losses to around 148.90 in the early European trading session on Monday. The key level of 148.50 emerges as immediate support, aligning with the Fibonacci retracement level of 23.6% at 148.49. The 14-day Relative Strength Index (RSI) below 50 signals a bearish sentiment, potentially inspiring bearish moves towards the support zone around 146.50, followed by the Fibonacci retracement level of 38.2% at 146.37. Moreover, the Moving Average Convergence Divergence (MACD) line is positioned above the centerline, showing divergence below the signal line, often indicating a downward price trend. This configuration suggests that the short-term moving average (MACD line) is moving further away from the long-term moving average (signal line) in a downward direction. On the flip side, the psychological level at 150.00 may act as a significant barrier, corresponding with the 9-day Exponential Moving Average (EMA) at 150.34. A breakthrough above this level could support a USD/JPY rebound towards last week's high at 151.90.
by Gwen_Humuna
1
BOJ under pressure to intervene yen weakness - Urgent Action Req Recent developments surrounding the Bank of Japan (BoJ) are under increasing pressure to intervene in the ongoing weakness of the yen. As we stay vigilant in our trading strategies, it is crucial that we pause and carefully consider the potential implications of such intervention. Therefore, I strongly recommend that each one of us exercise caution and reevaluate our positions before proceeding further. It is with prudence and foresight that we can navigate through these uncertain times and protect our interests. Let's take a moment to assess the situation and make informed decisions before resuming trading. Stay alert and trade wisely. Call to Action: As a responsible trader, I encourage you to pause your yen trading until further notice. Take this opportunity to reassess your positions, consult market experts, and stay informed about the latest developments regarding BoJ's potential intervention. By ensuring we are well-informed and cautious, we can mitigate potential risks and make more successful trading decisions. Together, let's prioritize protection and long-term gains by taking a step back and reflecting on our strategies.
by bryandowningqln
USDJPY - Closer to 150On weekly chart, the pair has been continuing to have a bullish pattern for a long time, and it is infinitely close to the high of 149, with the current trend, 150 is not impossible anymore. On daily chart, we can see that it has completed the consolidation then the breakout pattern. From 4H chart, the pair has been keeping up with no looking back, but from a technical point of view, the upward momentum of the pair comes from the support of the moving averages at the 4H level and also 1H level, so it is still necessary to wait patiently for the pair to test the moving average before entering the market. I'd wait for the price to come down, then put a long order aiming at 150. Good luck to you all:)
Long
by Petriccccchor
1