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USD/JPY Technical Analysis - USD/JPY Trading: 2024-10-11
USD/JPY Technical Analysis Summary
Above 148.851
Buy Stop
Below 148.395
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Neutral |
| Parabolic SAR | Sell |
USD/JPY Chart Analysis
USD/JPY Technical Analysis
The technical analysis of the USDJPY price chart on 1-hour timeframe shows USDJPY,H1 is edging up above the 200-period moving average MA(200) after retracing down to two-day low yesterday. We believe the bullish movement will resume after the price breaches above the upper bound of the Donchian channel at 148.851. 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 148.395. 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 bank lending slowed for the second month. Will the USDJPY price rebound continue?
Japan’s bank lending grew less than expected in September: the Bank of Japan reported the total value of outstanding bank loans issued to consumers and businesses rose 2.7% over year following 3.0% growth in August when 2.9% growth was forecast. That was also the lowest growth rate since October last year. Outstanding loans held by the country's major, regional, and "shinkin" banks stood at 624.2 trillion yen. Major and regional banks were principal loan growth drivers, rising 2.8% and 3.2%, respectively, while "shinkin" banks added 0.6%. This is bearish for Japanese yen and bullish for USDJPY as slower borrowing signals less consumer and businesses confidence preceding lower spending and economic growth.
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