USDJPY - Longterm viewHere is our in-depth view and update on USDJPY . Potential opportunities and what to look out for. This is a long-term overview on the pair sharing possible entries and important Key Levels .
Alright first, let’s take a step back and take a look at USDJPY from a bigger perspective. For this we will be looking at the H4 time-frame .
USDJPY is currently trading at around 149.000s . We are still extremely bearish on FX:USDJPY since our last longterm analysis was completed:
Scenario 1: SELLS from 148.200
-We broke below the downtrend channel.
With the break of the downtrend channel we can expect more sells to come and we should continue the bearish trend on USDJPY slowly digging into lower levels potentially reaching our target of 145.000.
Scenario 2: SELLS from 151.250
-We above the downtrend channel - 149.900.
If we above our downtrend channel we can expect some short-term buys up to our main Key Level or PBA (Pullback Area) from where we can look to enter into the long-term sells.
IMPORTANT KEY LEVELS:
- 151.250; possible pullback area
- 148.200; breaks below confirming lower levels
- 145.000; longterm target (prices from Aug-Sep 2024)
Personal opinion:
We are currently trading in a downtrend channel and we are expecting more sells to come throughout the next weeks. We do have to be careful as TVC:DXY and TVC:JXY might experience some volatility tomorrow due to the following news:
JXY: Tokyo Core CPI y/y
DXY: Core PCE Price Index m/m
KEY NOTES
- USDJPY breaking above 149.900 would result in higher pullbacks.
- USDJPY breaking below 148.200 (below the downtrend channel) would confirm sells.
- USDJPY is overall extremely bearish.
Happy trading!
FxPocket