USD/JPY Rises to Mid 151 JPY, Fed Chair Powell Maintains Hawkish Stance【November 13, 2023】
Fundamental Analysis
Fed Chair Powell’s hawkish comments drive the dollar higher, pushing USD/JPY up
Oil prices rebound to 75 USD, halting the downward trend
Gold prices plummet, moving around 1930 USD in response to rising U.S. interest
USDJPY Technical Analysis
Analyzing the daily chart of the USD/JPY pair. As a result of Fed Chair Powell’s hawkish remarks and the Bank of Japan’s continued monetary easing policy, the interest rate differential has widened, and the dollar has reached new highs against the yen. A five-day consecutive rise is observed, with the 2022 high of 151.94 JPY now in sight.
The weekly chart indicates a breakout from a range-bound market, suggesting the continuation of an upward trend. The target, derived using the upper limit of the rising channel and Fibonacci expansion, is set at 152.77 JPY. Attention should be paid to the continuing trend of a stronger dollar and a weaker yen, especially if the price exceeds 151.94 JPY.
Day Trading Strategy (1-Hour Chart)
Analyzing the 1-hour chart of the USD/JPY pair. The upward trend is gently continuing, with a temporary drop below the Ichimoku conversion line in morning trading, but the baseline has acted as a support line and the price has reversed upwards.
The focus now is on whether the price will exceed 151.60 JPY; surpassing this level could lead to a new high beyond 151.94 JPY. Despite the constant risk of currency intervention, a strategy of buying on dips is considered appropriate.
The specific entry point is set at 151.40 JPY, with a target price of 151.65 JPY and a stop loss at 151.25 JPY.
Support and Resistance Lines
The resistance line to be considered in the future is as follows
152.77 JPY – Fibonacci level
Market Sentiment
USDJPY Sell: 82% Buy: 18%
Today’s Important Economic Indicators
Economic Indicators and EventsJST (Japan Standard Time)EU Economic Outlook19:00OPEC Monthly Report21:00
*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.
Risk Disclaimer
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
