Our trade relies on fundamental analysis, and technical analysis only serves as our entry point.
Currently, the US is undergoing a process of quantitative tightening. Today we have the FOMC meeting, expecting to result in a 25 basis point rate increase. A rate increase of 50 basis points or continued rate hikes would be seen as a hawkish signal. Most likely it will result as expected considering the data history , but we will keep an eye on FOMC Press Conference where we will see a high volatility and the deciding factor on where the prices will go.
Meanwhile, Japan is maintaining its monetary easing policy, and the new BOJ governor, Ueda, announced in a recent speech that they plan to slowly continue their yield curve control to support a healthy economy. This has led us to take a long-term dovish stance on the JPY.
Shifting our focus to the technical analysis, We are currently awaiting a retracement to the 61% Fibonacci level. However, we should remain vigilant as there is a possibility that the price may break and reject till the 134.1 level. RSI Upward divergence in the lower timeframes.
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buy limit has been activated
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likely a trend rejection by a Doji candle
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Daily Support zone still valid
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Support and Trend rejection in the 4h timeframe
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Double bottom's neckline has been broken.
Trade closed: stop reached
Total Risk: 1% Total profit: -1%
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initial jobless claims data was worse than expected
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Still, i will be looking for a buy, I will be waiting for a rejection around this level.
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update on my new USDJPY position -today's NFP data came out better tan anticipated -Powell speech was hawkish which is good for the dollar
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