Markets Analysis

USDJPY wary of foreign exchange intervention, stuck on intervention standby【April 3, 2024】

April 03, 2024

Markets Analysis

Fundamental Analysis

  • Report of foreign exchange intervention standby, USD/JPY unable to rise
  • There are multiple factors contributing to the depreciation of the JPY, including high crude oil prices and a strong USD, and the JPY remains at around 151.50 JPY.
  • The struggle at the 151 JPY level continues for 10 days, and the changeover line rises.

USDJPY technical analysis

Analyze the USD JPY daily chart. The USD-JPY pair continues to be in a state of turmoil, and the situation is such that it cannot rise or fall. Considering the fundamentals, there are several factors contributing to the weakening of the JPY, including high crude oil prices and a strong USD in response to favorable US economic indicators.

However, there have been a number of reports suggesting foreign exchange intervention, including from government officials, and some reports say that the government is on standby. If the price breaks down to the 152 JPY level, suspicions will spread within the market that there may be intervention, and if traders actively place buy orders, they will be considered within the market.

The direction of the market is for the JPY to weaken against the USD, but since we do not know when the intervention will occur, we would like to wait for the intervention to end before buying on the edge.

[USDJPY/Daily]

Day trading strategy (1 hour)

The 90 moving average line is displayed on the hourly time frame of the USD JPY. The cloud on the Ichimoku Kinko Hyo is approaching the downside, and the 90 moving average is a support line. Although it rose to 151.78 JPY at one point, it has since fallen to 151.50 JPY.

A market that is difficult to rise or fall unless there is some kind of trigger. Trading is difficult.

I think a range strategy is better. If it approaches 152 JPY, sell entry. If it approaches 151 JPYbuy entryI would like to have a policy of doing so.The transaction isWith scalping,short term buying and sellingI want it to be basic.152 JPYIf it breaks out,all at oncesoaring,after that,with intervention148 JPY leveltopossibility of declineThere is.

foreign exchange interventionWhen it’s finished,For a buy-on-the-moment strategyI want to switch.

Support/Resistance lines

The support and resistance lines that should be considered from now on are as follows.

151.95 JPY…High price of range/Latest high price

151.00 JPY…Major support line

[USD JPY/1 hour chart]

Market Sentiment

USDJPY Sell: 77% Buy: 23%

Today’s important economic indicators

Economic indicators and eventsJapan time
EU consumer price index18:00
mADP hiring statistics21:15
American Service Industry Purchasing Department Economic Index22:45
Fed Chairman Powell’s commentsNext day 1:10

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

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