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USDJPY Forecast for the WeekThe USD/JPY pair is experiencing volatility this week, driven by economic indicators and central bank sentiments. Initially pressured by lower-than-expected April inflation data, the US dollar saw potential for Fed policy easing, though Fed representatives have remained cautious. Weak preliminary Japanese GDP figures further contributed to uncertainty, potentially delaying Bank of Japan interest rate hikes. Technically, the pair is within a long-term ascending channel, with resistance at 156.25 and support at 153.12. Technical indicators suggest an uptrend continuation, but traders are closely monitoring central bank actions and key levels for further direction.
Resistance levels: 156.25, 159.37, 162.50.
Support levels: 153.12, 150.00.
Long positions can be opened above the 156.25 mark with targets of 159.37, 162.50 and stop-loss around 154.00.
Short positions should be opened below the level of 153.12 with the target of 150.00 and stop-loss around 155.20.
The cable analysis.Hello everyone! I'm now a 700k funded trader and wanted to share this analysis to show my improvements from my last one.
Feds were dovish today and it looks like the dollar will fall, which means everything up. Institutions are majority long on the pound, while the dollar is even, but with what the feds dished out, that should change.
If you have any questions about my analysis, please feel free to ask.