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USDJPY Analysis for 03/10/2024: Anticipating a Slightly Bullish.As of October 3, 2024, the USDJPY currency pair is exhibiting signs of a slightly bullish bias. Several fundamental factors and market conditions are aligning to support this outlook. Traders focusing on USDJPY today should be aware of key drivers influencing this potential movement. Key Drivers for USDJPY Bullish Bias 1. US Dollar Strength - The U.S. dollar is maintaining its strength amid ongoing Federal Reserve hawkishness. Recent speeches from Fed officials have reinforced the possibility of additional interest rate hikes, which supports the USD. Higher U.S. interest rates typically attract foreign investment, leading to increased demand for the dollar. - Today, expectations of economic resilience in the U.S. are high, with upcoming non-farm payrolls and inflation data later in the week likely to cement this bullish outlook. 2. Divergence in Central Bank Policies - The Federal Reserve’s stance is increasingly at odds with the Bank of Japan (BoJ), which remains committed to ultra-loose monetary policies. The BoJ continues to support its yield curve control program, making the yen less attractive for investors. As the U.S. tightens, the BoJ’s dovish position could lead to further depreciation of the yen, supporting a bullish USDJPY trend. - Today’s market sentiment reflects this divergence, as traders expect the BoJ to stay accommodative while the U.S. dollar benefits from higher yields. 3. Treasury Yields on the Rise - U.S. Treasury yields, especially the 10-year note, have been climbing. Higher yields are a crucial indicator of rising demand for the dollar. As bond yields rise, so does the attractiveness of U.S. assets, drawing capital away from yen-denominated assets. - With Treasury yields set to increase, USDJPY is likely to follow a bullish trajectory today, as investors seek better returns from U.S. bonds. 4. Risk-On Sentiment - Today’s global risk sentiment is relatively optimistic, which traditionally favors higher-yielding currencies like the USD over the safe-haven yen. Equity markets have seen gains, and positive sentiment around U.S. economic data could continue to support risk-on trades, driving USDJPY higher. Technical Factors Supporting Bullish Bias - Support and Resistance Levels: Currently, USDJPY is trading near key support levels around 149.00. A successful hold above this zone could encourage a bullish push towards the 150.00 psychological level. Breaking through this level could lead to further upward momentum, strengthening the pair's bullish bias. - Moving Averages: On the daily chart, USDJPY remains above both the 50-day and 200-day moving averages, indicating a well-established uptrend. Conclusion: USDJPY Slightly Bullish Bias for 03/10/2024 In conclusion, the USDJPY pair is expected to maintain a slightly bullish bias today, supported by strong U.S. dollar fundamentals, central bank divergence, rising U.S. Treasury yields, and favorable market sentiment. Traders should watch for key levels of resistance and monitor U.S. data releases later this week, which could provide additional bullish momentum for the pair. This analysis reflects the latest fundamental factors and market conditions for USDJPY on October 3, 2024, offering insights for traders seeking to capitalize on today's potential bullish movement. Keywords for SEO: USDJPY analysis, USDJPY forecast, USDJPY trading, USDJPY bullish bias, U.S. dollar strength, Bank of Japan monetary policy, Federal Reserve interest rates, U.S. Treasury yields, Forex market analysis, USDJPY 03/10/2024, TradingView analysis.
Long
by PERFECT_MFG
USD/JPY Recovers from Below 140.00 Area During BoJThe USD/JPY pair has staged an impressive recovery, pushing toward the 143.00 level in the European morning session, following an initial dip below 140.00. This move comes in response to the Bank of Japan's (BoJ) decision to maintain its ultra-loose monetary policy stance, as widely expected. Governor Kazuo Ueda's press conference reiterated the central bank's cautious approach toward tightening monetary conditions, which triggered a temporary pullback in the currency pair. From a technical standpoint, this recovery aligns with our prior analysis that pointed to a potential reversal within a demand zone near the 140.00 level. This area has acted as a key support, fueling buying momentum and setting the stage for a continuation of the long position. The price action suggests that buyers are still keen to capitalize on dips in the pair, particularly as USD strength remains broadly supported by the Federal Reserve's hawkish outlook. Further supporting the bullish outlook is the Commitment of Traders (COT) report, which shows that retail traders remain bearish on the USD/JPY pair. Typically, a contrarian view of retail positioning can indicate further upside potential, as institutional investors tend to take the opposite side of the trade. With retail sentiment still leaning toward the short side, it opens the door for continued upward movement in the pair, especially if market sentiment shifts further in favor of the U.S. dollar. As we look ahead, the USD/JPY appears poised to target higher levels, with 143.00 acting as an immediate resistance. Should the bullish momentum persist, traders may set their sights on a potential breakout, paving the way for a sustained move higher. All eyes will remain on global central banks and key economic data releases in the coming weeks, as these will likely play a crucial role in shaping the next leg of the USD/JPY’s trajectory. Previous Analysis ✅ Please share your thoughts about USD/JPY in the comments section below and 👍 HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
Long
by FOREXN1
3
USD/JPY: Japanese Yen Slips on Dovish CommentsThe Japanese Yen (JPY) struggled on Monday following dovish remarks from Japan's incoming Prime Minister, Shigeru Ishiba. In a statement on Sunday, Ishiba emphasized the need to maintain an accommodative monetary policy, underlining the importance of low borrowing costs to support Japan's fragile economic recovery. These comments weighed on the Yen, particularly against the US Dollar (USD), as traders interpreted the remarks as a signal that Japan's central bank is unlikely to shift toward tightening any time soon. Ishiba's stance reflects Japan's ongoing economic challenges, where inflation remains subdued, and growth has yet to gain meaningful traction. By advocating for continued stimulus, the new Prime Minister aligns himself with the Bank of Japan’s longstanding ultra-loose monetary policy, a position that contrasts sharply with the tightening cycles of other major central banks, particularly the Federal Reserve. From a technical standpoint, the USD/JPY pair remains within a key demand area on the daily chart, suggesting a potential bullish setup. The Commitment of Traders (COT) report indicates that retail traders remain strongly bearish on the Yen, while institutional investors, or "smart money," have shifted to more bullish positions. This divergence between retail sentiment and institutional activity hints at a possible reversal in the Yen’s fortunes, as large players appear to be positioning for a stronger JPY in the near term. The combination of these fundamental and technical factors sets the stage for potential bullish momentum in the Japanese Yen. Despite the immediate downside pressure caused by Ishiba's comments, market dynamics suggest that the JPY could rebound if economic conditions in Japan stabilize or if geopolitical factors shift global risk sentiment. As the market continues to digest the implications of Japan's monetary policy stance, traders will be looking for signs of a reversal or further weakness in the Yen. In conclusion, while the Japanese Yen has softened in the wake of dovish policy signals from incoming PM Shigeru Ishiba, the technical picture suggests that a rebound could be on the horizon. The interplay between bearish retail sentiment and bullish institutional moves could trigger a bullish momentum shift in the coming sessions, making the JPY a currency to watch closely. Traders should remain cautious, keeping an eye on both policy developments in Japan and broader global economic trends. ✅ Please share your thoughts about USD/JPY in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
Long
by FOREXN1
3
USDJPY - SHORT TRADE IDEAWeekly Bearish, Daily Bearish, 4hr Bearish Structure indicates high volumes of short positions are entered into the market. Based on market structure we should have a move to the downside from this AOI at round psychological level 144.000. Daily formed a bearish candle on the daily showing rejection from our AOI Entered on an engulfing 30 minute candle which broke structure on the 15 minute timeframe. Price is currently forming an engulfing on the 1hr and 2hr aswell. This trade offers us a 1:4 RR.
Short
by CiupacabraFX
Risk of bullish USD/JPY breakout growing USD/JPY is hitting the top of the range it’s been in since mid-August. With RSI (14) and MACD providing bullish signals on momentum, and having cleared the 50DMA, it feels like this attempted breakout may succeed where others have failed. If we see a break and hold above resistance at 147.06, consider buying with a tight stop below the level for protection. Risk management is particularly important given escalating geopolitical tensions in the Middle East. The August 15 high around 149.40 would be the initial trade target with 149.70 the next after that. 151 would offer a tougher test, coinciding with the intersection of multiple levels including the 200DMA. If the price were to reverse back below 147.06 and/or the uptrend dating back to mid-September, the near-term bullish bias would be nullified. Good luck! DS
Long
by FOREXcom
Fundamental Market Analysis for October 3, 2024 USDJPYThe USD/JPY pair has continued to gain ground following the breakout through the 50-day simple moving average (SMA) on Wednesday. On Thursday, it attracted buyers for the second consecutive day. This marks the third consecutive day of positive movement, lifting spot prices to the 147.200-147.250 area, representing the highest level since 20 August during the Asian session. The Japanese yen (JPY) has been adversely affected by the comments made by the newly appointed Prime Minister, Shigeru Ishiba, on Wednesday. Mr Ishiba stated that the current economic environment does not allow for an additional rate hike. Furthermore, Japan's recently appointed Economy Minister Ryosei Akazawa anticipates that the Bank of Japan (BoJ) will conduct a thorough economic assessment prior to implementing the next interest rate hike. In addition, the political uncertainty ahead of the 27 October snap election continues to exert a downward pressure on the Japanese yen, thereby providing a tailwind for the USD/JPY. Meanwhile, the US dollar (USD) has maintained its robust recovery this week and is currently trading near a three-week high, as the likelihood of further aggressive policy easing by the Federal Reserve (Fed) diminishes. Indeed, markets have reduced their expectations of another significant Federal Reserve interest rate cut in November, reflecting the continued resilience of the US labour market, as evidenced by Wednesday's positive ADP report. This is regarded as a further factor driving demand for the USD/JPY pair and supporting further upside potential. From a technical standpoint, the overnight breakout and close above the 50-day simple moving average (SMA) for the first time since mid-July is seen as a new boost for those with a bullish outlook. Furthermore, positive oscillators on the daily chart confirm a constructive outlook and indicate that the path of least resistance for the USD/JPY pair lies to the upside. Traders are now awaiting the release of data on the US economy, including weekly initial jobless claims and the ISM services PMI. This data, along with the Fed's speech, will have an impact on the USD/JPY exchange rate and will provide a boost to the currency pair. Trade recommendation: Trading mainly by Buy orders from the current price level.
Long
by Fresh-Forexcast2004
USDJPY H4 | Bullish Reversal Based on the H4 chart analysis, we can see that the price is falling to our buy entry at 145.80, which is a pullback support. Our take profit will be at 146.86, a pullback resistance close to 127.2% Fibonacci extension The stop loss will be placed at 144.32, which is a pullback support level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). 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 TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Long
by FXCM
Key Support Holds for USD/JPY: Will the Pair Break Past 150?On Friday, USD/JPY experienced a significant sell-off, losing around 500 pips in a sharp downward movement. However, after reaching the key horizontal support level at 141.64, the pair managed to find some relief and began a recovery, suggesting that the recent decline may have been short-lived. Currently, USD/JPY is working to negate this steep sell-off, indicating that the recovery process could be underway. In my view, USD/JPY is poised to continue its rebound from the 162-140 decline, with the potential to surpass the psychological barrier of 150. If the pair successfully breaks through this level, it could head toward the important resistance zone near 152, which will be a critical point for further bullish momentum. For shorter-term traders, there are additional levels to monitor before reaching the 150 mark. Key upside targets include 147.30 and 149.40, both of which present potential profit-taking opportunities as the pair continues its recovery.
Long
by Mihai_Iacob
USDJPY: Strong recovery from 143.00Ben, hello everyone! Let's dive into today's USDJPY analysis with Ben! USDJPY is in an uptrend today, currently trading at 143.95, up 0.29% on the day. With USDJPY continuing to trade steadily at this positive level, the resistance level of 144.50 will be set as a short-term target, before potentially reacting and testing the price level of 143.00, forming a trend line and using it as strong support for further increases in the medium and long term. The current expected price levels are at the round level of 145.00 and 146.00 respectively and even the upper trend channel limit at 147.00. Wishing you all profitable trading!
Long
by Bentradegold
1
USDJPY looks set to extend its recovery to150 USDJPY finished higher overnight at 146.47 (+0.99%), boosted by stronger-than-expected ADP employment data and comments from new Japanese Prime Minister Ishida, who met with #BoJ Governor Ueda yesterday. Defying his reputation as a monetary policy hawk, Ishiba said the economy is not yet ready for further rate hikes. At the same time, Ueda reiterated his less hawkish remarks from last month's BoJ meeting. This pushes back the prospects of another rate hike until early 2025. If tomorrow night’s non-farm payrolls report is in line or stronger than the 140k expected as hinted by this week’s JOLTS and ADP labour market updates, we should see USD/JPY continue to rise towards 150, a level not touched since late July.
Long
by IG_com
USDJPY What Next? SELL! My dear friends, Please, find my technical outlook for USDJPY below: The price is coiling around a solid key level - 146.04 Bias - Bearish Technical Indicators: Pivot Points Low anticipates a potential price reversal. Super trend shows a clear sell, giving a perfect indicators' convergence. Goal - 144.28 Safe Stop Loss - 146.97 About Used Indicators: The pivot point itself is simply the average of the high, low and closing prices from the previous trading day. ——————————— WISH YOU ALL LUCK
Short
by AnabelSignals
2
Bearish reversal?USD/JPY is reacting off the resistance level which is an overlap resistance that is slightly below the 100% Fibonacci projection and could reverse from this level to our take profit. Entry: 145.72 Why we like it: There is an overlap resistance level that is slightly below the 100% Fibonacci projection. Stop loss: 147.15 Why we like it: There is a pullback resistance level. Take profit: 144.30 Why we like it: There is a pullback support level. Enjoying your TradingView experience? Review us! 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.
Short
by VantageMarkets
USDJPY: Important Support & Resistance Levels 🇺🇸🇯🇵 Here is my latest structure analysis and important support and resistance levels to pay close attention to on USDJPY. Resistance 1: 146.50 - 147.35 area Resistance 2: 149.30 - 149.40 area Support 1: 141.64 - 142.20 area Support 2: 139.60 - 140.60 area From a current perspective, probabilities are high that the pair will continue growing, at least to Resistance 1. After its test, consider that for pullback/breakout trading. ❤️Please, support my work with like, thank you!❤️
Long
by VasilyTrader
1
SMC - UsdJpy 15min update - levels etcReview of where we are looking and if the lows are out .. at least for now.. eyes are above and there are levels here to reach for. Still using the previous marked 1h and weekly levels and important areas of interest for framing the Price Action Happy Trading, -- Doc PS - leave a comment and let me know what you think will happen. Let me know if you see something different if you have more experience with this pair etc. What do you think of the areas of interest and how the price is moving around them etc.
Long
by docholliday