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USDJPY → Price Struggles at Resistance, Eyes a PullbackHello, my wonderful friends of Ben! Recently, USDJPY has been struggling to maintain its peak around the 154.00 USD level. The bullish momentum of USDJPY has been hindered by several factors, including the ongoing Fed interest rate meeting. Fundamentally, today is a critical day for the market. At 19:00 GMT, the Fed’s interest rate meeting, with a 93% probability of a 0.25% rate cut decision, will take place. This will make the dollar less attractive. If the dollar starts to adjust downward, it will affect the corresponding currency pairs. However, I do not rule out the possibility that, amidst high volatility, the price could form a retest of the resistance level and a false breakout. Personally, Ben expects the price to consolidate below the resistance area around 155.00, with corrective pressure against the trend dominating in the near future. The current support level is around 152.01. If this level is breached, it could lead USDJPY to a deeper decline, potentially reaching 149.37. Best regards, Bentradegold!
Short
by Bentradegold
3
USDJPY: New High Set?Hello wonderful friends! USDJPY has struggled to conquer the recent gains at 144.00g. However, its upside momentum was limited after weak data released yesterday weakened the USD and affected the upcoming outlook of the major currency, as can be seen from the 143.50 setup on the 2-hour chart. On the technical chart, although the uptrend remains supported and the parallel price channel has been broken, the special thing is that there are signs of a potential top forming at 143.95. My strategy for today is Sell and we should see USDJPY reaching at least 142.00 again, which would be in line with the timing of the EMA test. What do you think about this?
Short
by BB_TradingFX
USDJPY: Opens up many possibilities for price increasesHello dear friends, do you think USDJPY will rise or fall this week? On our chart today, it is clear that this currency pair is showing a distinct downward corrective wave, with the current price fluctuating around 149.90 and marking a 0.18% decrease for the day. From a technical standpoint: Despite the current decline, the upward trend still holds dominance as USDPY successfully broke the resistance level at 149.00. If the price retests this broken resistance level and accepts it as a new support level for the current short-term upward momentum, there is a possibility that the bull side will open up multiple buying opportunities if the Fed continues to extend the duration of interest rate cuts in the near future.
Long
by TradingForecast_Signals
USDJPY H8: Bullish outlook seen, limited upside above 135.20On the H8 time frame, prices are testing the demand zone at 135.20 in line with 78.6% Fibonacci retracement where we could see a further upside above this zone, to the next resistance zone at 138.50. The 138.50 resistance zone is a graphical area that was tested multiple times as a support before prices broke below this level and coincides with the Fibonacci confluence levels. Stochastic is testing support at 3.07 as well where we could see a bounce above this level, in line with prices.
Long
by T3-Consultancy
Possible trend shift in USDJPY – going shortThe Tidal Shift Strategy has just sold USDJPY at 107.789. The system recommends entering this trade at any price between 107.577 and 108.001. The signal was issued because our Speculative Sentiment Index has hit its most extreme positive level for the past 145 trading hours at 2.201, which suggests that the USDJPY could be trending downwards.The 14-period Average True Range on a daily chart is 0.17, so the stop loss has been set at 108.638. This stop loss order is a trailing stop that will move down as the market moves down. There is no profit target for this strategy. We expect to be closed by the stop loss.Tidal Shift is a trend trading strategy that aims to catch shifts in trend using trader sentiment as an indicator. The strategy looks to buy when the Speculative Sentiment Index reaches its lowest value for the past 145 trading hours, and looks to short when it reaches its highest value for the past 145 trading hours. Signal ID: 71518 Time Issued: Thursday, 16 April 2020 07:00:16 GMT Status: open Entry: 107.577 - 108.001 Limit: N/A Stop Loss: 108.638 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 interests 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 here. Past Performance is not an indicator of future results.
Short
by FXCM
4
EUR/USD forecast What a hot week it was for forex traders! Federal Reserve doesn’t expect to raise interest rates this year. As you know all were expecting one hike in 2019. So, the news was surprising and pushed EUR/USD up. But it was only jerk-reaction and washing out of weak sellers. As I mentioned many times – trade through the noise. Always try to focus on the bigger picture and keep calm if you see such reactions on news. ECB doesn’t plan to hike rates too. Besides economy slowdown is more significant in Europe. Last week price got strongly rejected from the main resistance. Terrible PMI data was one more factor for EUR currency to drop. Besides, the UK received a short unsatisfying extension to Article 50. As you see all fundamentals are still bearish for EUR/USD and there is no reason for changes in money flow. As EU currency is weaker and has more pressure than US dollar. Technical analysis confirmed our middle term target 1.11200 and I can even see an extension to 1.10500. As fall was sharp we may see a test of 1.12600 – 1.12700 on Monday. But anyway, we have to wait for a pullback to open new sells. So, watch 1.13600 – 1.13700 for targets 1.11500 and 1.11100. Have a profitable week!
by UnknownUnicorn1156963
USDJPY approaching resistance, potential drop!USDJPY is approaching our first resistance at 113.33 (horizontal swing high resistance, 100% Fibonacci extension, 6.18% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 112.63 (23.6% Fibonacci retracement). Stochastic (34,5, 3) is also approaching resistance where we might see a corresponding drop in price should it react off this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
USDJPY approaching support, potential bounce! Price is approaching our first support at 109.24 (horizontal overlap support, short term ascending support line, 61.8% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 110.33 (horizontal overlap resistance, 61.8% Fibonacci retracement). A breakout above our intermediate resistance at 109.97 (horizontal swing high resistance, 50% Fibonacci retracement) might provide the bullish acceleration to our major resistance level. RSI (89) is also approaching our major support where we might see a corresponding rise in price should it bounce off this level. Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Long
by Tickmill
Elliott Wave Analysis: USDJPY UpdateUSDJPY found a base this week at 111.60 area and bounced sharpy up to 113.00 which may not be a breakout yet, if we consider the possibility of a Elliott wave triangle placed in wave B. It's a five wave pattern where wave E) is still missing, so be aware of a new setback to 112.00 before uptrend resumes in impulsive fashion. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
1