Markets Analysis

USDJPY close to 142 JPY, BoJ policy meeting likely to maintain monetary easing【July 24, 2023】

July 24, 2023

Markets Analysis

Fundamental Analysis

  • BoJ Policy Meeting Reverses YCC Revision Speculation; JPY Weighing Rapidly
  • Sell-off continues due to earnings results of US tech stocks; many US companies to report earnings this week
  • Fed and ECB expected to raise rates while BOJ left rates unchanged; focus on crosses

USDJPY Technical Analysis

The USDJPY surged close to 142 JPY as the JPY weakened against the dollar. With the Consumer Price Index above 3%, the JPY is selling off as the likelihood of a monetary policy change by the BOJ is low, in line with the theory. The uptrend continues and a channel can be drawn. As the pair is hovering near the upper limit of the channel line, an adjustment is likely once in a while.

Day Trading Strategy (Hourly)

Day trading policy is to buy on the push side. At the time of writing, the price is hovering near the upper channel limit, so we would like to wait until it approaches the lower channel limit and buy aggressively at the push points. Specifically, the pivot point near JPY 141.15 and the 24 moving averages will be our guideline, and we will look for opportunities to hold buy positions in the first half of JPY 141. The stop loss will be set at the point when the price is clearly below the channel.

Support and Resistance Lines

The resistance line to be considered in the future is as follows

142.60 JPY – Major resistance line
141.15 JPY – Pivot point


Market Sentiment

USDJPY Sell: 59% Buy: 41%

Today’s Important Economic Indicators

Economic Indicators and EventsJST (Japan Standard Time)
U.S. Services Purchasing Managers Association Economic Index22:45

*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.

Enter your email address

You can receive deals such as Milton Markets campaigns and bonuses just by registering your email address.

Technology vendor

This site is operated by Milton Markets.

Milton Markets is a trading name for Milton Markets LLC.

Milton Markets LLC is registered and regulated by Financial Services Authority in St. Vincent and the Grenadine Islands.

Risk warning: FX and CFD product transactions have a very high risk of losing investment principal. Please read the risk disclosure of Milton Markets and fully understand.

Access to Milton Markets may be restricted to individuals or residents in the following countries (not limited to):

North Korea, Afghanistan, American Samoa, Belarus Burundi, Central African Republic, Congo - Brazzaville, Cuba, Iran, Iraq, Lebanon, Liberia, Libya, Myanmar (Burma), Puerto Rico, Rwanda, Somalia, Sudan, Syria, U.S. Virgin Islands , United States, Venezuela, Yemen, Zimbabwe, Côte D'Ivoire, Mali, Guinea, Eritreaa

Milton Markets does not provide services to citizens in the United States, Canada, EU, Iran, North Korea, St. Vincent and the Grenadine Islands.

© MILTONMARKETS, All Right Reserved.