USDJPY
USD JPY - Week of 07/08/2023
Next week's news suggests that JPY won't be significantly impacted. Consequently, I expect the USDJPY trend to mirror that of DXY, using it as a reference for decision-making. My focus will be on selling USD JPY rather than buying next week.
Regarding technical analysis, on the H4 timeframe, there's a resistance level at 141.973. Two scenarios are possible. First, the price may go up early in the week, retest the resistance, and then drop to the support level at 138.717. This would signal a sell opportunity below 141.973, with a stop loss above the resistance level and a risk-reward ratio of 2. Alternatively, if the price breaks through the resistance at 141.973, I'll wait to see how it reacts at the medium Bollinger Band or the resistance level at 143.725 before considering a sell position.
Next week's news suggests that JPY won't be significantly impacted. Consequently, I expect the USDJPY trend to mirror that of DXY, using it as a reference for decision-making. My focus will be on selling USD JPY rather than buying next week.
Regarding technical analysis, on the H4 timeframe, there's a resistance level at 141.973. Two scenarios are possible. First, the price may go up early in the week, retest the resistance, and then drop to the support level at 138.717. This would signal a sell opportunity below 141.973, with a stop loss above the resistance level and a risk-reward ratio of 2. Alternatively, if the price breaks through the resistance at 141.973, I'll wait to see how it reacts at the medium Bollinger Band or the resistance level at 143.725 before considering a sell position.
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