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Japanese Yen / U.S. Dollar

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SMC - UsdJpy 15min update - levels etcReview of where we are looking and if the lows are out .. at least for now.. eyes are above and there are levels here to reach for. Still using the previous marked 1h and weekly levels and important areas of interest for framing the Price Action Happy Trading, -- Doc PS - leave a comment and let me know what you think will happen. Let me know if you see something different if you have more experience with this pair etc. What do you think of the areas of interest and how the price is moving around them etc.
Long
by docholliday
Japanese yen slides as political drama continuesThe yen is sharply lower on Wednesday. In the European session, the USD/JPY is trading at 144.82 at the time of writing, up 0.89%. In Japan, the dust is yet to settle on the political drama. On Tuesday, the new Prime Minister, Shigeru Ishiba, appointed Katsunobu Kato as finance minister. Kato is a supporter of “Abenomics” which advocates monetary easing. This could complicate the BoJ’s plans to tighten policy and the yen has responded with sharp losses today. Ishiba is on record for supporting a tighter policy but may have chosen Kato to ease concerns that Ishiba will make a significant shift in monetary policy with a snap election on October 27. The election will be followed by the next BoJ meeting on October 31, with the BoJ expected to maintain its policy settings. Manufacturing continues to sputter in both the US and Japan. The Japanese manufacturing PMI eased to a revised 49.7 in September, down from 49.8 in August and above the market estimate of 49.6. This was the third straight month of contraction in factory activity, with a strong decrease in export orders. Business confidence dropped to its lowest since December 2022, as manufacturers don’t see a light at the end of the tunnel for the troubled manufacturing sector. In the US, the ISM manufacturing PMI was unchanged in September at 47.2, below the market estimate of 47.5. The contraction in manufacturing has extended for six straight months. New orders decreased in September, demand remains weak and manufacturers face uncertainty over the Federal Reserve’s monetary policy and the upcoming US election. USD/JPY has pushed above resistance at 143.69 and 144.41. Above, there is resistance at 145.25 There is support at 142.85 and 142.13
by OANDA
USDJPY Analysis: Slightly Bullish Bias on 02/10/2024. As we head into the 2nd of October 2024, the USDJPY currency pair shows signs of a slightly bullish bias. Several key factors, including fundamental drivers and technical market conditions, support this outlook. Traders and investors looking for insights into the pair should consider the following factors influencing USDJPY today. 1. US Dollar Strength The US dollar has been supported by strong economic data coming out of the US, especially with the continued resilience in the labor market. The Non-Farm Payroll (NFP) report scheduled later this week is anticipated to reflect strong employment trends, which may lead to speculation that the Federal Reserve could maintain its hawkish stance on interest rates. This has kept the USD well-supported across the board, and USDJPY is no exception. Higher interest rate expectations typically benefit the USD, making it more attractive to investors seeking yield. 2. Bank of Japan’s Monetary Policy On the other side, the Bank of Japan (BoJ) remains committed to its ultra-loose monetary policy. With inflation in Japan still struggling to gain significant traction, the BoJ is unlikely to shift its dovish stance in the near term. The interest rate differential between the US and Japan continues to widen, favoring USDJPY bulls. This divergence in policy is one of the major contributors to the bullish sentiment in the pair. 3. Risk Sentiment and Safe-Haven Demand Global risk sentiment has improved slightly, leading to reduced demand for safe-haven assets such as the Japanese yen. The yen typically strengthens in times of market uncertainty, but with equities stabilizing and geopolitical tensions easing, there’s less of a need for safe-haven assets today. This reduces demand for the yen and lends support to USDJPY’s bullish outlook. 4. Technicals Pointing to Upside From a technical perspective, USDJPY has broken above key resistance levels in recent sessions. The pair is trading above its 50-day and 100-day moving averages, signaling strong upward momentum. Additionally, the RSI (Relative Strength Index) remains in neutral territory, allowing room for further upside without signaling overbought conditions. If USDJPY can hold above the 149.00 psychological level, further gains toward the 150.00 mark are possible. 5. Upcoming Economic Events While no major Japanese economic releases are expected today, traders should keep an eye on US data releases, particularly any statements from Federal Reserve officials. Any hawkish commentary could further fuel USDJPY’s bullish trajectory. Conclusion In summary, the fundamental and technical factors point toward a slightly bullish bias for USDJPY on 02/10/2024. The ongoing divergence between the Federal Reserve’s hawkish stance and the BoJ’s dovish policy, coupled with solid US economic data and improving risk sentiment, supports this outlook. Traders should remain mindful of any new developments in the US that could further impact the pair’s direction. Keywords for SEO Optimization: USDJPY analysis, USDJPY forecast, USDJPY bullish bias, US dollar strength, Bank of Japan monetary policy, BoJ, Federal Reserve interest rates, USDJPY technical analysis, USDJPY 02/10/2024, forex trading, USDJPY tradingview analysis, forex market outlook, USDJPY fundamental factors, US economic data impact on USDJPY, USDJPY price prediction. This article provides a comprehensive overview of the potential USDJPY movement today, offering valuable insights for forex traders looking to capitalize on the pair’s slightly bullish bias.
Long
by PERFECT_MFG
Market Analysis: USD/JPY Eyes Fresh IncreaseMarket Analysis: USD/JPY Eyes Fresh Increase USD/JPY is rising and might gain pace above the 144.65 resistance. Important Takeaways for USD/JPY Analysis Today - USD/JPY climbed higher above the 142.50 and 143.40 levels. - There is a connecting bullish trend line forming with support at 143.45 on the hourly chart at FXOpen. USD/JPY Technical Analysis On the hourly chart of USD/JPY at FXOpen, the pair started a fresh upward move from the 141.65 zone. The US Dollar gained bullish momentum above 142.80 against the Japanese Yen. It even cleared the 50-hour simple moving average and 143.00. The bulls pushed the pair above the 143.50 and it tested the 50% Fib retracement level of the downward move from the 146.49 swing high to the 141.65 low. The current price action above the 143.20 level is positive. Immediate resistance on the USD/JPY chart is near 144.65 and the 61.8% Fib retracement level of the downward move from the 146.49 swing high to the 141.65 low. The first major resistance is near 145.20. If there is a close above the 145.20 level and the RSI moves above 60, the pair could rise toward 146.50. The next major resistance is near 148.00, above which the pair could test 150.00 in the coming days. On the downside, the first major support is near a connecting bullish trend line with support at 143.45 and the 50-hour simple moving average, below which the bears could gain strength. The next major support is visible near the 141.65 level. If there is a close below 141.65, the pair could decline steadily. In the stated case, the pair might drop toward the 140.00 support zone. The next stop for the bears may perhaps be near the 138.00 region. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
Japanese Yen declines as US Dollar remains stronger ahead of ADPOn Wednesday, the Japanese Yen (JPY) weakens relative to the US Dollar (USD) due to increasing uncertainty about future interest rate increases by the Bank of Japan (BoJ). There are no urgent plans for more rate hikes, according to the BoJ's Summary of Opinions from the September Monetary Policy Meeting, which was released on Tuesday. The central bank plans to keep its current accommodative policy in place, but it is still willing to make changes should the economy significantly improve. Given the growing level of tension in the Middle East, the cautious attitude in the market supports the US dollar. The September ISM Manufacturing PMI, which was lower than anticipated, could have, nevertheless, weakened the value of the US dollar. For more guidance, traders will now concentrate on Fedspeak and the upcoming US ADP Employment Change. USD/JPY Technical Analysis: On Wednesday, the USD/JPY trades at roughly 143.50. A bullish bias is suggested by the pair's consolidation and resting over the 4 -hours 72 Exponential Moving Average (EMA), according to an analysis of the 4 hours chart. There could be resistance for the USD/JPY pair at 146.53, and then a five-week high at 147.21, which was last attained on September 3. In the event of a decline, this pair finds significant support at the 4-hours 72 EMA. If the USD/JPY pair breaks below this level, it may move toward the ascending trendline at 142.22. If it breaks below this level, it will drop to 139.58, its lowest level since June 2023.
by softt_inc
Sell USD/JPY Channel BreakoutThe USD/JPY pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined Channel pattern. This suggests a shift in momentum towards the downside in the coming Hours. Key Points: Sell Entry: Consider entering a short position around the current price of 143.77, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum. Target Levels: 1st Support – 142.13 2nd Support – 141.26 Stop-Loss: To manage risk, place a stop-loss order above 144.60. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards. Your likes and comments are incredibly motivating and will encourage me to share more analysis with you. Best Regards, KABHI FOREX TRADING Thank you.
Short
by KABHI_FOREX_TRADING
11
Trade Recap: USDJPY - SHORT, 01/10/2024UJ Bias Analysis: With 4H displacement lower, and an alignment with the daily short bias, an Optimal Alignment entry presented itself which was in line wit the 1H range. Price traded higher over the course of Asian session into 1H EPD and priori to London open protracted higher, sweeping TBL before displacing lower, where entry confirmation was received. Grade: High Probability What I did well or could've done better: - Did not frame the initial entry the market presented due to the large stop loss, even though the R:R criteria was met. - Stayed focused and was able to execute on the next opportunity that presented itself, despite having a larger stop than the first position which resulted in a lower targeted R-multiple.
Short
by The_Modern_Day_Trader