Forex analytics and overview

USD/JPY: Where Next?

2023.02.24 07:09

longs at buying opportunity at 134.10/133.90 worked perfectly as we edge slowly in the right direction to reach 135.36 but not enough to hit my target of 135.45/55.

The pair reversed to retest my buying opportunity at 134.10/133.90. A low for the day exactly here. Longs need stops below 133.60. Much better support at 133.10/132.90. Longs need stops below 132.70.

Our new longs at 134.10/133.90 have already reached 134.60. |Above 134.80 can retest 135.20/30. On a break above 135.40 looks for 135.80/90.

broke first support at 143.10/142.90 for a sell signal & we did bounce to 142.91 before hitting the downside target of 142.40, but not quite as far as 142.00/141.90 for profit taking on shorts. A low for the day is 14 pips above here as I write.

lower as expected this week to hit very strong support at 6800/80. A low for the day exactly here again yesterday. Longs need stops below 6760. A break lower is a sell signal, of course, targeting 6725/20 today.

Our longs now target first resistance at 6850/60 for profit taking – shorts here need stops above 6880. Target is obviously 6800 for profit taking.

broke support at 1.0690/70 as expected for the sell signal targeting 1.0600 with a low for the day exactly at minor support at 1.0590/1.0570. So a break below 1.0560 is the next sell signal targeting 1.0510/00.

I would not be surprised to see a bounce from 1.0590/1.0570 to minor resistance at 1.0640/50. Shorts need stops above 1.0660. A break higher can target 1.0680/90 today.

tests 4-month trend line resistance at 1.3570/90 with a high for the day exactly here. Shorts need stops above 1.3610. A break higher is a buy signal targeting 1.3700.

Shorts at 4-month trend line resistance at 1.3570/90 can target 1.3535 (hit yesterday) & 1.3490/80 for profit taking.

Dollar Index broke above a 3-month bear trend line with the completion of a bull flag – so I think we have another buy signal for the dollar as longs as we hold the trend lines at 103.60/40.

Immediately targets for the are 105.15 & 105.80.

I am going to wait to see if a head & shoulders forms.

A high for the day exactly at the 50-day moving average at 1.4440/50 helps this pattern to develop as I stated yesterday, therefore so far this pattern is starting to play out. A break below support at 1.4230/20 will be the sell signal targeting 1.4150 & 1.3980.

now has a small double top as we trade sideways for a week. We made a low for the day exactly at support at 9830/20. The break below 9920 did not hold yesterday, but if we do make the break today we can target a buying opportunity at 9840/20. Longs need stops below 9800.

made a high for the week at strong resistance at 1.2130/50.

Our shorts here worked perfectly as we hit 1.2030/20 for profit taking.

Strong support again at 1.1960/40.

Currency Table

Video Analysis:

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,280.33 3.74%
ethereum
Ethereum (ETH) $ 3,482.23 1.67%
tether
Tether (USDT) $ 0.999441 0.04%
xrp
XRP (XRP) $ 2.28 0.51%
bnb
BNB (BNB) $ 707.34 2.89%
solana
Solana (SOL) $ 196.42 1.76%
dogecoin
Dogecoin (DOGE) $ 0.330918 1.90%
usd-coin
USDC (USDC) $ 0.999946 0.09%
staked-ether
Lido Staked Ether (STETH) $ 3,478.89 1.85%
cardano
Cardano (ADA) $ 0.913427 0.36%
tron
TRON (TRX) $ 0.256724 1.17%
avalanche-2
Avalanche (AVAX) $ 40.85 3.08%
chainlink
Chainlink (LINK) $ 24.57 0.98%
the-open-network
Toncoin (TON) $ 5.98 4.87%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,127.59 1.93%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 2.15%
sui
Sui (SUI) $ 4.50 1.74%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,983.25 3.70%
hedera-hashgraph
Hedera (HBAR) $ 0.311835 0.11%
stellar
Stellar (XLM) $ 0.384039 1.81%
polkadot
Polkadot (DOT) $ 7.45 0.86%
weth
WETH (WETH) $ 3,477.29 1.49%
hyperliquid
Hyperliquid (HYPE) $ 27.70 2.29%
bitcoin-cash
Bitcoin Cash (BCH) $ 465.48 0.31%
leo-token
LEO Token (LEO) $ 9.55 1.22%
uniswap
Uniswap (UNI) $ 13.95 0.67%
litecoin
Litecoin (LTC) $ 109.02 1.03%
bitget-token
Bitget Token (BGB) $ 5.68 16.32%
pepe
Pepe (PEPE) $ 0.000019 0.95%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,670.92 1.46%
near
NEAR Protocol (NEAR) $ 5.52 0.12%
ethena-usde
Ethena USDe (USDE) $ 0.998968 0.05%
aave
Aave (AAVE) $ 372.56 0.97%
internet-computer
Internet Computer (ICP) $ 11.39 4.45%
usds
USDS (USDS) $ 0.99924 0.18%
aptos
Aptos (APT) $ 9.62 0.71%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.518233 1.47%
crypto-com-chain
Cronos (CRO) $ 0.158846 2.50%
vechain
VeChain (VET) $ 0.05235 3.59%
mantle
Mantle (MNT) $ 1.25 2.79%
ethereum-classic
Ethereum Classic (ETC) $ 27.61 0.52%
render-token
Render (RENDER) $ 7.59 2.04%
bittensor
Bittensor (TAO) $ 514.29 3.20%
mantra-dao
MANTRA (OM) $ 3.79 0.87%
monero
Monero (XMR) $ 195.63 3.69%
whitebit
WhiteBIT Coin (WBT) $ 24.89 1.64%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.36 0.16%
dai
Dai (DAI) $ 0.99993 0.10%
arbitrum
Arbitrum (ARB) $ 0.803308 0.99%
filecoin
Filecoin (FIL) $ 5.37 1.64%