USDJPY Struggles to Rise, U.S. Employment Data Hits a Yearly High【April 8, 2024】
Fundamental Analysis
The U.S. employment statistics exceeded market expectations with an increase of 303,000 people.
USDJPY rose to 151.75JPY but failed to reach the 152JPY level, showing resistance on the upside.
Two weeks have passed since the start of the range-bound market, increasing the likelihood of a breakout.
USDJPY technical analysis
Analyzing the 4-hour chart of USDJPY. The 90 moving average line on the 4-hour chart is being watched, showing a rebound once. Currently, it is moving around 151.70JPY, and the area below 151.50JPY is gradually becoming stronger.
There is a possibility of foreign exchange intervention at 152JPY, preventing aggressive moves into the 152JPY level. As the narrow range market is about to pass two weeks, a breakout occurring naturally seems likely. If it cannot break higher, it might try to move lower first, then potentially surge in a short-covering rally to test 152JPY.
Day trading strategy (1 hour)
Analyzing the 1-hour USDJPY market. USDJPY continues in a range-bound market with no particular characteristics. At the time of writing, it is moving around 151.70JPY, showing a tendency towards buying USD.
With the expectation of foreign exchange intervention around the 152JPY level, one would want to approach with a selling stance before 152JPY. If there is no intervention at 152.25JPY, then it would be prudent to stop and observe. Conversely, near 150.90JPY, entering a buy position and maintaining an overall range strategy is advisable.
Support/Resistance lines
The following are the support and resistance lines to consider:
151.75JPY – The recent high
Market Sentiment
USDJPY Sell: 74% Buy: 26%
Today’s important economic indicators
Economic indicators and eventsJapan timeGerman Industrial Production15:00
*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.
