USDJPY USDJPY Looking nice, i feel a higher low is coming soon. Id keep and eye on that key support level
Usd-jpy
USDJPY Outlook 9th March 2023Although the USDJPY traded significantly higher following the bullish news from the US Federal Reserve, with the price reaching the 138-round number resistance level, it has since retraced significantly to the downside and is trading below the 137-round number level.
With the short term bearish trendline indicating downward pressure, look for the USDJPY to continue trading lower to retest the 136.40 (and 61.8% Fibonacci retracement level), similar to the price action overnight.
However, watchout for significant price volatility tomorrow with the Bank of Japan (BoJ) due to release its monetary policy decision (and it is also Governor Kuroda's last meeting).
While it is unlikely that any changes will be made to the monetary policy, the market is anticipating the potential of a surprise since it is Kuroda's last meeting.
If he adjusts/removes limits on the JGB yield, the Yen could strengthen significantly, with the next key support level for the USDJPY at 135.26.
USDJPY can make new highs? 🦐After our previous ideas on this pair we continue to ride the bullish bias on USDJPY.
The price delivered an almost 4% since our analysis and after a confirmation of the ascending triangle the market is now testing a daily resistance.
A classic 50% test retracement and and a break above the structure will further confirm the bias and we will be ready to set a new long order according to the Plancton's strategy rules.
USDJPY H4 | 8th March Looking at the H4 chart, the price could potentially reverse from this level, and we are looking for a sell entry at 138.04, which is an overlap resistance level. The stop loss level will be at 139.64, where the next overlap resistance level is. The take profit level will be at 135.39, which lines up with the 23.60% Fibonacci retracement level.
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USDJPY Potential Long Forecast | 8th March 2023Fundamental Backdrop
1. The Average Cash Earnings y/y dropped from 4.1% to 0.8%, this shows that consumers have lesser disposable income to spend correlating to lower income.
2. Bank Lending y/y increased from 3.1% to 3.3% which shows confidence in future financial position. However, this is overshadowed by Fed Powell's statement to increase interest rates, strengthening the DXY.
3. The Current Account dropped from 1.18T to 0.22T, which indicates that domestic currency's demand has dropped.
Technical Confluences
1. The overall bias for USDJPY on the H4 chart is bullish . To add confluence to our bias, price is above the Ichimoku cloud and along an ascending trend-line.
2. Near-term resistance at 137.600.
3. Minor support at 137.100
Idea
I will be looking for price to possibly retest the minor support at 137.100 before continuing bullish towards the resistance at 137.600.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
USDJPY H4 | 7th March 2023Price has reversed from our 1st resistance at 137.25, which could potentially result in a drop to our 1st support at 134.46, where the 38.2% Fibonacci retracement overlaps as support. The next support after that is at 132.83 with the 50% Fibonacci retracement.
It is important to note our intermediate support at 135.39, and if the price were to break below that level, it could potentially lead to a further drop towards our take profit at 134.46. As for the stop loss, it is still recommended to place it slightly higher than our next resistance at 137.25.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
USDJPY: Head and Shoulders PatternThe USD/JPY is nearing the end of its uptrend within the ascending channel, unable to make any new highs and showing signs of divergence on momentum indicators. It appears that a head and shoulders pattern is forming, waiting for the final shoulder to complete before attempting to break the neckline at 135.5 and potentially experiencing a bearish move towards 134 or even 133.5.
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USDJPY Outlook 6th March 2023The USDJPY reversed strongly from the 137 round number resistance level, trading lower through the session on Friday, ending the week at the 135.80 price area.
This move lower, as we know was due to the weakness in the DXY, hence, if the weakness continues, the USDJPY could continue trading lower, down to retest the 135.35 key support level.
The USDJPY could see significant volatility this week, given that the JGB 10yr yield had recently breached the 0.5% ceiling and the BoJ monetary policy statement is due to be released (and it is Kuroda's last meeting as Governor).
If the price breaks below the immediate support level, the USDJPY could see significant downside potential, with the next key support level at the round number level of 134.
Usdjpy Breaks Rising wedge Seems Is ready for bearish move
Rising wedge has Already broken expecting 280 to 300 Pips Bearish move
USDJPY Outlook 3rd March 2023Overnight, the USDJPY climbed steadily to the upside, reaching the recent high and round number resistance level of 137.
However, the price failed to break the resistance level, retracing lower down to the current level of 136.61.
While further upside could be expected especially if the DXY continues to strengthen, watch out for significant volatility on the Japanese Yen with the recent news that the Japanese bond yields have again risen above the 0.5% ceiling previously set by the BoJ.
On 20th December 2022, when the BoJ increased flexibility by increasing the bond yield ceiling, the USDJPY spiked from the 137.17 level down to 133.50 within the hour.
In the meantime, look for the USDJPY to consolidate along the current price level (supported by the 23.6% Fibonacci retracement level) before trading higher again with the 138 key resistance level a target level.
USDJPY:A potential retrace in case of a breakoutHey Traders, as DXY rejects 105 zone on the related idea we see a strong potential that USDJPY should breakout the uptrend, in case of this scenario i will be monitoring potential retrace short around 136 zone which got rejected multiple times in the past.
Trade safe, Joe.
USDJPY: Decider level for buy or sell. Trade accordingly.The USDJPY pair is testing the 1D MA200 with 1D technicals overbought (RSI = 69.263, MACD = 1.310, ADX = 58.730). Unless the price crosses above the R1 (138.215), the current level is the ideal sell entry. TP1 = 133.700 (above the 1D MA50) and if the price closes under the 1D MA50 then TP2 = 128.000 (above the S1).
The Death Cross is supporting the idea of a long term downtrend, however if the price closes above the R1 it makes a Higher High and invalidates this. In that case buy (TP = 142.000, under R2).
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USDJPY on an ascending triangle ? 🦐The USD/JPY pair has been in an uptrend for the past hours, with higher highs and higher lows. However, the price has started to consolidate and create equal highs and rising lows, indicating a potential formation of an ascending triangle pattern.
An ascending triangle is a bullish continuation pattern that typically forms during an uptrend. It consists of a horizontal resistance level and a rising trendline support. Traders often view this pattern as a bullish signal because buyers are willing to push the price higher and absorb any selling pressure near the resistance level.
Traders usually wait for a breakout confirmation to enter into a long position. A breakout occurs when the price breaks above the horizontal resistance level with a significant increase in volume. This breakout confirms that buyers have taken control of the market and that the uptrend is likely to continue.
Based on the above analysis, traders can wait for a potential breakout above the horizontal resistance level of the ascending triangle pattern to confirm the uptrend continuation according to the Plancton's strategy rules.
USDJPYHi
USDJPY has been examined in different dimensions:
1- Strong supply and demand levels that I identify with my own indicator and system.
2- The structure of recently formed waves
3- Current market momentum
4- The structure of classical and price patterns
In this idea, I identified the direction of the market in different ways and in the second step, I analyzed the potential of continuation or reversal. Usually, paying attention to the trend and strength of the trend can greatly increase the accuracy of the analysis.
In general, I tried to describe the continuation of the movement in the simplest possible way in the diagram.
⚠️ Disclaimer:
This is a personal opinion and you are responsible for any trading decisions.
USDJPY Outlook 1st March 2023The USDJPY broke out of its previously narrow consolidation along the 136.50 price level but failed to find a clear directional bias.
Overnight, the price fluctuated between the price range of 135.75 and 137, due to the volatility of the DXY.
Currently, the price has continued to trade along the 136.50 price level and could continue to consolidate along this level in the short term.
However, as the USDJPY is still on a significant uptrend, look for a potential break of the 137-round number resistance level to signal a confirmation of the uptrend, with the next key resistance level at 138.
Support for the continuation of the uptrend comes from recent comments from the BoJ have suggested that the new Governor will stick with Kuroda line of an ultra-easy monetary policy for now and has indicated that the benefits of the BoJ stimulus outweigh the side effects.
USDJPY Potential Forecast | 1st March 2023Fundamental Backdrop
BOJ Ueda Spoke on Monday, he didn't announced anything new, and it was widely expected that he was in favor of maintaining the current policy unchanged at -0.10%. Overall I am expecting USDJPY to continue bullish.
Technical Confluences
1. The overall bias for USDJPY on the H4 chart is bullish. To add confluence to our bias, price is above the Ichimoku cloud and along an ascending trend-line.
2. Expecting price to head towards the resistance at 137.800 level before potentially reversing back down.
Idea
I will be looking for price to possibly retest the support at 135.400 intersecting with the ascending trend-line before continuing bullish towards the resistance at 137.800.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
USDJPY Approaching the 1D MA200, last test December 20.The USDJPY pair is about to make contact with the 1D MA200 (orange trend-line) for the first time since December 20 2022. This is just below the 138.210 Resistance (December 15 High). With the 1D RSI overbought (70.00), we deem this level as the best sell opportunity on the medium-term, targeting first the 1D MA50 (blue trend-line) and the dashed Higher Lows trend-line in extension that provided Support in January.
A 1D candle closing above the Resistance would be a bullish break-out and we will close the sell and instead target Resistance Zone 1. A closing below the dashed Higher Lows trend-line, would be a bullish break-out, targeting Support Zone 1 and the January 05 2021 Higher Lows trend-line in extension.
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USDJPY:Forming a Bull Flag pattern?Hey Traders, in today's trading session we are monitoring USDJPY for a buying opportunity around 136.5 zone, once we will receive any bullish confirmation the trade will be executed.
Trade safe, Joe.
Joe Gun2Head Trade - USDJPY Stalling as 5th wave completes?Trade Idea: Selling USDJPY
Reasoning: USDJPY Stalling as 5th wave completes?
Entry Level: 136.725
Take Profit Level: 135.36
Stop Loss: 137.05
Risk/Reward: 3.5:1
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USDJPY Potential Rise to overlap resistance Looking at the H4 chart, my overall bias for USDJPY is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. To add confluence to this bias, the price is also along an ascending trendline.
Looking for a pullback buy entry at 134.189 where the overlap support is, take profit at 142.047 where the overlap resistance is, and stop loss at 128.152 where the recent overlap swing low is.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Bullish on USDJPYI've been very bullish on the USDJPY (sustained yen weakness combined with US dollar strength)
A couple of conditions have led to this bullishness
1) Got interested; price broke above the downward trendline
2) First confirmation; price broke above the 23.60% Fibonacci level (133 price level)
Now I'll be additionally bullish if the price breaks above the 38.2% Fibonacci retracement level, which could bring the target level of 142.20 within sight (this also aligns with the 61.8% fib level)
Now to watch if BoJ Governor Nominee Ueda makes any drastic changes. No changes to the monetary policy could support further upside moves on the USDJPY
USDJPY Potential for Bullish rise to Previous swing highLooking at the H4 chart, my overall bias for USDJPY is bullish with the current price being above the Ichimoku cloud. To add confluence to this bias, the price is along an ascending trendline.
Looking for a pullback buy entry at 133.854, take profit at 139.855 where the previous swing high and 50% Fibonacci line are, and stop loss at 130.456 where the support is.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
USDJPY:The dollar continues to outperform major currenciesHey Traders, in today's trading session we are monitoring USDJPY for a buying opportunity around 134.4 zone, once we will receive any bullish confirmation the trade will be executed.
Trade safe, Joe.
