USD/JPY Sees Minor Price Movement, Trading Volumes Decrease Due to Christmas Holidays【December 26, 2023】
Fundamental Analysis
Decreased trading volumes due to Christmas holidays, many countries observe the holiday with little movement
USD/JPY hovers around 142.30 JPY, 140.95 JPY being the recent low
Is the world heading towards lower interest rates? The yen is expected to strengthen in 2024
USDJPY Technical Analysis
Analysis of the daily chart for USD/JPY shows a return move to the 200-day moving average line after breaking through it. The 200-day moving average is acting as resistance, and a fall below the Ichimoku Conversion Line is visible. This indicates strengthening yen pressure.
The focus now is whether it will break below 140.95 JPY, with RSI at 37 showing a downward trend. January 2024 is expected to see a battle around the 140 JPY mark.
Day Trading Strategy (4-Hour Chart)
Analysis of the 4-hour USD/JPY chart shows a decline along the Ichimoku Conversion Line, forming a downward trend line. Furthermore, the lagging span moving below the candlesticks highlights a clearer downward direction.
The RSI is at 43, indicating unclear direction, but as long as it remains below 50, a bearish perspective in trading should be considered. However, day trading is challenging due to holidays in major countries. A recovery up to 143.50 JPY might allow for trades targeting a pullback.
Support and Resistance Lines
Upcoming resistance lines to consider:
140.95 JPY – Recent low
Market Sentiment
USDJPY Sell: 47%, Buy: 53%
Today’s Important Economic Indicators
Economic Indicators and EventsJST (Japan Standard Time)UK, Germany, Australia, Canada, NZ Holiday–Japanese Unemployment Rate8:30Bank of Japan Core CPI14:00
*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.
