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Technical Analysis USDJPY : 2021-04-20

Recommendation for USD/JPY:

Strong SellSellNeutralBuyStrong Buy

Above 108.54

Buy Stop

Below 108.58

Stop Loss

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Senior Analytical Expert
Articles 1748
RSI Neutral
Donchian Channel Neutral
MA(200) Sell
Fractals Buy
Parabolic SAR Buy

Chart Analysis

IFC Markets Tech Analysis

The USDJPY technical analysis of the price chart on 1-hour timeframe shows USDJPY: H1 is retracing toward the 200-period moving average MA(200) which is falling itself. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 108.54. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 108.08. After placing the order, the stop loss is to be moved to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis

Japan’s tertiary industry activity expanded less than expected. Will the USDJPY continue rebounding?

Japan’s tertiary industry activity expanded less than expected: Japan’s Ministry of Economy, Trade and Industry reported tertiary industry activity index rose . 0.3% over month in February after 1% decline in the previous month, when an 0.6% increase was forecast. This is bullish for USDJPY.

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