Another Day, Another Opportunity $USDJPY
What a week it has been, a lot of great opportunities and this continues to further! As you can see through yen chart - Break out to either direction.
Have a great weekend,
TJ
The Japanese yen rose to 133 against the dollar ( USD/JPY ), recovering from its 24-year lows.
Short-term tailwinds are supporting the yen as the market has repriced Fed interest rate risks to the downside and has already priced in a rate cut in the first half of 2023. The yen is currently doing well in its traditional role as a recession hedge, with the US...
Pivot Point: 134.3
Currently: Consolidating at this 134.8 level , its next support zone is at 135.1
Reaction: Resisted at 134 and retraced back to 133.8
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The US dollar has retreated against its major trading pairs over the past two weeks, but notably, the USDJPY has seen one of the most interesting pullbacks. After peaking on July 14, the USDJPY has fallen more than 4% from a peak just below 139.500.
The 2-week weakening streak may continue as the sentiment from the previous FOMC meeting has been conceived as...
Pivot Point: 138.0
Currently: Consolidating at this 140.0 level , its next support zone is at 141.0
Reaction: Resisted at 137.5 and retraced back to 137.0
I just started sharing my daily technical analysis of Metals & Forex Market with my indicators on tradingview~ Wish to receive some feedbacks from you! 😊
Btw you can feel free to use our designed indicators!!!...
The Japanese yen's weakness is obvious across all its pairs, including against the Canadian dollar. The CADJPY has displayed a strong bullish uptrend after its breakout above the 92 price level, on a monthly time frame, and is now facing a historical resistance in which to overcome.
Looking at the CADJPY on the chart below, we can see that the price is currently...
There's a short trading opportunity for the CHFJPY currency pair as shown by the fakeout demonstrated by the bearish harami candlestick pattern slightly above the 134.650 horizontal resistance level. A reward-to-risk ratio of 5.51 is possible if you get into the trade early enough; stop loss is at 135.523 and take profit at 129.261.
A fakeout (false breakout) signalled by a bearish harami candlestick pattern just above the 125.402 horizontal resistance level has just provided a selling opportunity for the USDJPY currency pair. A reward-to-risk ratio of above 4.00 is possible with stop loss at 126.005 and target at 123.531.
USD/JPY hits fresh multi-year high, holds above 119.00 amid resurgent USD demand
FUNDAMENTAL:
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USD/JPY caught fresh bids on Friday after the BoJ stuck to its accommodative policy stance.
A goodish pickup in the USD demand provided an additional boost and remained supportive.
A softer risk tone could benefit the safe-haven JPY and cap gains amid overbought...
