US Session, Date: 08/08/2024
USDJPY Technical Analysis. The Dollar Yen USDJPY pair is currently trading at the 147.21 level, as prices continue to move above most of the moving average crosses. This indicates the continuation of the uptrend. In addition, the positive MACD indicator reinforces expectations of further bullish momentum in the market. In this technical analysis, we will detail the key levels and the future outlook for price action.
USDJPY Technical Analysis: Overview
The Dollar Yen USDJPY pair is showing strength in the uptrend, as it is trading above most of the moving average crosses. This type of movement is considered an indication of the continuation of the uptrend in the near term. In addition, the MACD indicator is showing positive signals, reinforcing expectations that prices may witness further increases.
Moreover, continuing to trade above the moving averages could indicate that the market has enough support to maintain the current trend. However, traders should be aware of any potential fluctuations that may affect this trend.
Influencing factors:
The USDJPY pair is affected by many fundamental factors. For example, any changes in monetary policies by the Bank of Japan or the US Federal Reserve can lead to significant movements in the pair. Also, changes in US bond yields should be monitored, as there is a correlation between USD/JPY prices and yield movements.
Trading strategies based on Buy/Sell levels
| USDJPY | In case of buying | in case of selling |
| Entry point | 147.66 | 146.63 |
| Target Point 1 (TP1) | First resistance: 148.72 | First support: 145.34 |
| Target Point 2 (TP2) | Second resistance: 149.50 | Second support: 144.60 |
| Stop Loss (SL) | 146.63 | 147.66 |
In conclusion, the USDJPY pair is trading in a strong uptrend, supported by the price trading above most moving averages and a positive MACD indicator. With technical and fundamental support intact, the pair appears poised to continue rising in the near future. However, traders should monitor key technical levels and fundamental factors that may influence market movement to ensure informed investment decisions.
