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USD JPY Technical Analysis - USD JPY Trading: 2023-12-11
USD/JPY Technical Analysis Summary
Above 145.70
Buy Stop
Below 141.66
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Sell |
| Fractals | Neutral |
| Parabolic SAR | Buy |
USD/JPY Chart Analysis
USD/JPY Technical Analysis
The USDJPY technical analysis of the price chart on 4-hour timeframe shows USDJPY,H4 is retracing up toward the 200-period moving average MA(200) after hitting four-month low two sessions ago. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 145.70. 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 141.66. After placing the order, the stop loss is to be moved to the next fractal low indicator, 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 of Forex - USD/JPY
Japan’s business sentiment improved in fourth quarter. Will the USDJPY price rebounding reverse?
Japan’s business sentiment improved in fourth quarter: Japan’s Ministry of Finance reported the Business Survey Index (BSI) rose to 5.7% in fourth quarter from 5.4% in Q3 when an increase to 5.6% was expected. The BSI hit the highest reading in two years as business conditions continued to improve for the sector. The business survey index measures the percentage of firms that expect the business environment to improve from the previous quarter minus the percentage that expect it to worsen. This is bearish for USDJPY. However the current setup is bullish for the pair. At the same time, large Japanese manufacturing firms expect business conditions to deteriorate in the coming months, with an outlook of 1.3% in the first quarter of next year and 3% in the following quarter.
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