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USD/JPY Technical Analysis - USD/JPY Trading: 2023-09-04
USD/JPY Technical Analysis Summary
Above 146.29
Buy Stop
Below 145.23
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| Fractals | Neutral |
| Parabolic SAR | Buy |
USD/JPY Chart Analysis
USD/JPY Technical Analysis
The technical analysis of the USDJPY price chart on 4-hour timeframe shows USDJPY: H4 is retracing up above the 200-period moving average MA(200) after hitting two-week low last session. We believe the bullish movement will resume after the price breaches above the upper bound of the Donchian channel at 146.29. 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 145.23. 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 monetary base grew in August when a decline was expected. Will the USDJPY price rebound continue?
Japan’s monetary base grew in August when a slowing decline was expected: the Bank of Japan reported the total quantity of domestic currency in circulation and current account deposits held at the BOJ rose 1.2% over month following 1.3% fall in July when an 0.7% decrease was forecast. This is bearish for USDJPY. However the current setup is bullish for the pair.
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