USDJPY Slightly Declines as Concerns Grow Over U.S. Labor Market【September 25, 2024】
Fundamental Analysis
China Announces Large-Scale Economic Stimulus, Oceania Currencies Strengthen.
The Reserve Bank of Australia Maintains High-Interest Rate Policy, AUDUSD Surges.
USDJPY technical analysis
Analyzing the daily chart of USDJPY. The 28-day MA is being watched, and it has not been able to break above it. If it fails to break the upper line of the descending channel, there is a possibility of falling below 140JPY in the next decline.
The U.S. Consumer Confidence Index has experienced a significant drop, the largest since 2021, indicating emerging weakness in the U.S. economy. Considering the ongoing cycle of interest rate cuts, it may trend towards a stronger yen.
Day trading strategy (1 hour)
Analyzing the 1-hour chart of USDJPY. It has fallen below the 52 MA and is targeting the 200 MA. The RSI is at 41, indicating a downward trend. The downward trend is prevailing.
The immediate downside target is around 142.20JPY, where the 200 moving average is positioned.
The day trading strategy is to maintain a short-term selling perspective until it reaches the 200 MA. Overall, the market is in a downward trend, but it is a very challenging situation. Additionally, quarter-end movements should be monitored.
Support/Resistance lines
The support and resistance lines to consider going forward are as follows:
144.50JPY ••• Previously Significant Price Range142.17JPY ••• 200 Moving Average
Market Sentiment
USDJPY Sell: 37% Buy: 63%
Today’s important economic indicators
Economic indicators and eventsJapan timeBOJ Core CPI14:00ECB Officials’ Remarks21:30U.S. Crude Oil Inventory23:30
*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.
