USDJPY Approaches 150 JPY, Uptrend Continues【October 15, 2024】
Fundamental Analysis
Federal Reserve Board member Waller commented that a cautious pace for rate cuts is possible.
President Kashkari noted that a small additional rate cut might be appropriate.
USDJPY could potentially break through 150 JPY.
USDJPY technical analysis
USDJPY is maintaining its uptrend. Let’s analyze the USDJPY daily chart. The pair is approaching 150 JPY, and the trend of USD strength and JPY weakness is becoming clearer. However, around 150 JPY, there seems to be a sense that some profit-taking could emerge.That said, the 100% Fibonacci expansion is being watched, and 161.8% corresponds to 152.80 JPY. Although the 152 JPY range seems distant, there appears to be ample room for further upside. The 90-day moving average is overhead, and the vicinity of 150.78 JPY corresponds to the 50% retracement of the previous downtrend. Keep an eye on the possibility of a pullback.
Day trading strategy (1 hour)
Let’s analyze the USDJPY 1-hour chart. While USDJPY has risen close to 150 JPY, it is currently under selling pressure from the retracement. No major indicators related to the USD or JPY are scheduled, and technical factors are in focus.
For a day trading strategy, if USDJPY breaks above 150 JPY, selling at this point could be considered. Specifically, entering a sell trade at 150.40 JPY, setting a stop at 151 JPY, and targeting 148.35 JPY for the exit is envisioned.
Support/Resistance lines
Here are the support and resistance lines to consider moving forward:
- 149.55 JPY – 26-day moving average
Market Sentiment
USDJPY: Sell: 64%, Buy: 36%
Today’s important economic indicators
Economic Indicators and EventsJapan TimeUK Employment Statistics15:00New York Fed Manufacturing Index21:30Canada Consumer Price Index21:30FOMC Member Speech0:30 (Next Day)
*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.
