USDJPY Analysis: New Week Perspective and Follow-Up Details

Updated

In this USDJPY technical analysis video, we delve into the aftermath of the recent Nonfarm Payrolls data, which offers critical insights into the US labor market. With positive data surpassing expectations and the potential for a Federal Reserve interest rate hike this month, the US Dollar may be poised for a bullish upswing. The May report revealed a remarkable increase of 339,000 payrolls in both public and private sectors, surpassing the forecast of 190,000.

Moreover, the recent signing of the bill by President Joe Biden, suspending the US government's $31.4 trillion debt ceiling and avoiding a default, adds another layer of anticipation to the market's reaction.

From a technical standpoint, this video focuses on a detailed analysis of USDJPY Support and Resistance Levels, as well as Trendlines within the 4H timeframe. By examining these levels, we aimed to identify potential trading opportunities on the USDJPY chart for the upcoming week as it helped in making informed trading decisions.

Disclaimer Notice:
Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy.

It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances.

Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it.

Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.

Trade active

The week began with a positive start as the price action suggests that the 140.000 level has become a new support line. If the price remains above the 140.250 level, it reinforces this notion. We will continue to rely on the flat channel as our trading guide for the first half of the week.

Good Morning

Trade active

UPDATE

Trade active

As the sell stop order was triggered following the breakdown of the key level, it is now appropriate to secure the sell positions.

Trade active

The bearish pressure persists, and we have witnessed a favorable price movement of 75 pips in the last 24 hours. Let's secure our position while remaining alert for additional opportunities.

Good Morning

Trade closed manually

With the resurgence of buying pressure, all sell positions have been closed. However, it's important to note that the structure still retains bearish elements as the potential for a reversal setup increases. In light of this, we have a new setup on the chart to guide our trading activities during today's New York session.

Trade active

Ensure the current buy position is secured.

Trade active

Over the past 24 hours, the price movement has been rangebound. The 139.150 level seems to be experiencing buying pressure, so it is important to protect the current selling position. Nevertheless, if there is a breakdown/retest of the 139.150 level, it could create opportunities for selling. It is worth noting that the potential of the buyers should not be overlooked at this point.

Good Morning

Trade active

Our initial sell position was closed at a loss when the price broke down the 139.150 level, but subsequently, our buy-stop orders were activated upon the breakout of both the 139.640 and 140.000 levels. Now, it is crucial to secure all buy positions.

Trade active

All buy positions were closed with a slight profit as the price action fell below our weekly key level at 140.000. Hence, our primary attention will now be on the range between 140.000 and 139.650, as any developments within this range will shape our subsequent course of action.

Good Morning

Trade active

UPDATE

Secure sell position

Trade active

With three sell positions currently in profit, totaling approximately 130 pips, it is recommended to secure the sell positions at this time.

Trade closed manually

All sell position is closed with profit, as the price action retraces. On the 1-hour time frame, a fresh descending trendline has been identified to serve as a guide for today's trading activities. The reaction of the price action to this trendline will determine whether we should sell for trend continuation to the downside or buy during the breakout/retest of the line and the 139.650 level.

Good Morning

Trade active

Secure sell positions

darcsherry

Trade smart. Trade consciously

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USDJPY Analysis: New Week Perspective and Follow-Up Details

by darcsherry

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