Markets Analysis

USD/JPY Falls, Bearish Trend Intensifies【November 28, 2023】

November 28, 2023

Markets Analysis

Fundamental Analysis

  • USD/JPY Falls, Ichimoku Standard Line Acts as Resistance
  • RSI Near 50 Indicates Weakening, Signaling a Strengthening Bearish Trend
  • If the daily Ichimoku cloud is breached at the closing price, it would be the first time since April

USDJPY Technical Analysis

Analyzing the daily chart of USD/JPY. Currently, it is fluctuating within the Ichimoku cloud, indicating a tug of war between bullish and bearish pressures, with a slight dominance of the bearish trend.

Particularly noteworthy is the movement below the 72-day moving average. In the Ichimoku chart, the standard line is acting as resistance, and with the price below the conversion line, a shift towards a bearish trend requires attention.

If the Ichimoku cloud is breached at the closing price, it could signal a significant technical shift for the first time in about half a year.

[USDJPY/ D1]

Day Trading Strategy (1-Hour Chart)

Analyzing the 1-hour chart of USD/JPY. Currently, it’s in a typical selling phase, with the 240 moving average consistently indicating a downward trend. Despite approaching the 72 moving average, the price falls again without touching it.

Analyzing the RSI, which shows a value of 32, indicates an oversold zone. However, considering the movement in higher timeframes, an intensification of the downward trend is expected. Nevertheless, a rebound is anticipated at some point, suggesting a strategy to sell on the rebound.

The day trading strategy involves selling on the rebound, with an entry point around 148.75 JPY, a take-profit at 147.35 JPY, and a stop-loss at 149.80 JPY.

Support and Resistance Lines

Upcoming resistance lines to consider:

149.80 JPY – Recent rebound high
147.20 JPY – Recent low

[USDJPY/ H1]

Market Sentiment

USDJPY – Sell: 59%, Buy: 41%

Today’s Important Economic Indicators

Economic Indicators and EventsJST (Japan Standard Time)
Australian Retail Sales9:30
Bank of Japan Core CPI14:00
U.S. Consumer Confidence IndexMidnight

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

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