Forex analytics and overview

USD/JPY hovers above a key support area

2024.02.07 05:58

XM Group

  • is within the pink once more immediately, reacts to final week’s leap 
  • It continues to hover a tad above its 100-day SMA
  • Most momentum indicators tentatively support the continued upleg

USDJPY_2024Feb7

USDJPY is recording its second consecutive pink candle, recouping a good a part of final week’s sturdy good points. USDJPY continues to commerce above the busy 146.65-147.71 area with the 100-day easy shifting common (SMA) performing as a major support issue. The upward transfer because the December 28, 2023 trough stays comfortably in place.
 
In the meantime, the momentum indicators seem principally supportive of the present upleg. The RSI continues to commerce above its 50-midpoint and, extra importantly, the stochastic oscillator stays caught at its overbought territory. A transfer under this area might be seen as a sturdy bearish sign. On the flip aspect, the Average Directional Movement Index (ADX) seems uninterested within the current strikes and it’s hovering in trendless territory.
 
Should the bulls stay hungry, they might attempt to stage one other rally with the October 3, 2023 excessive at 150.15 presumably being the primary goal. Even larger, the October 21, 2022 excessive at 151.94 might be examined, opening the door for a new 30-year excessive.
 
On the flip aspect, the bears are in all probability eager to push USDJPY under the 146.65-147.71 area, which is populated by the 78.6% Fibonacci retracement of the October 21, 2022 – January 16, 2023 downtrend, the August 11, 1998 excessive and the 100-day SMA. If profitable, the bears may then lead USDJPY in direction of the 144.80-145.53 area. This seems to be a key support area and would in all probability show stronger to beat than at the moment envisaged.
 
To sum up, USDJPY bulls took benefit of the current US information releases, however they want stronger support from the momentum indicators to push the pair even larger.

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