Although the USDJPY has fallen from its seven-month peak, the bears do not seem to have enough power to regain control. In my opinion, the market outlook is optimistic.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- USD/JPY eases from seven-month high but bears appear lacking strength to retake control.
The pair currently trades last at 141.464.
The previous day high was 141.92 while the previous day low was 139.85. The daily 38.2% Fib levels comes at 141.13, expected to provide support. Similarly, the daily 61.8% fib level is at 140.64, expected to provide support.
USD/JPY holds lower ground near the intraday bottom of around 141.50 as it prints the first daily loss in three while easing from the Year-To-Date (YTD) top heading into Monday’s European session.
In doing so, the Yen pair justifies the RSI (14) line’s retreat from the overbought territory.
However, a three-week-old previous resistance line joins bullish MACD signals to challenge the intraday sellers of the USD/JPY pair around 141.40.
Following that, an ascending trend line from the last Wednesday and the 100-Exponential Moving Average (EMA), respectively near 141.20 and 139.70, can restrict the quote’s further downside. It’s worth noting that the 140.00 round figure acts as an extra downside filter for the short term.
Even if the Yen pair drops below 139.70 support, early May’s high of near 137.75 and an ascending trend line from April 26, close to 136.50 at the latest, can act as the last defense of the bulls.
On the contrary, the 142.00 round figure guards the immediate upside of the USD/JPY pair ahead of the November 2022 high of around 142.20-25.
In a case where the Yen pair remains firmer past 142.25, the odds of witnessing a run-up towards a late October 2022 low of 145.10 can’t be ruled out.
Trend: Bullish
Technical Levels: Supports and Resistances
USDJPY currently trading at 141.54 at the time of writing. Pair opened at 141.86 and is trading with a change of -0.23% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 141.54 |
| 1 | Today Daily Change | -0.32 |
| 2 | Today Daily Change % | -0.23% |
| 3 | Today daily open | 141.86 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 139.77, 50 SMA 136.91, 100 SMA @ 135.01 and 200 SMA @ 137.24.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 139.77 |
| 1 | Daily SMA50 | 136.91 |
| 2 | Daily SMA100 | 135.01 |
| 3 | Daily SMA200 | 137.24 |
The previous day high was 141.92 while the previous day low was 139.85. The daily 38.2% Fib levels comes at 141.13, expected to provide support. Similarly, the daily 61.8% fib level is at 140.64, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 140.51, 139.15, 138.44
- Pivot resistance is noted at 142.57, 143.27, 144.63
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 141.92 |
| Previous Daily Low | 139.85 |
| Previous Weekly High | 141.92 |
| Previous Weekly Low | 139.01 |
| Previous Monthly High | 140.93 |
| Previous Monthly Low | 133.50 |
| Daily Fibonacci 38.2% | 141.13 |
| Daily Fibonacci 61.8% | 140.64 |
| Daily Pivot Point S1 | 140.51 |
| Daily Pivot Point S2 | 139.15 |
| Daily Pivot Point S3 | 138.44 |
| Daily Pivot Point R1 | 142.57 |
| Daily Pivot Point R2 | 143.27 |
| Daily Pivot Point R3 | 144.63 |
[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group
