👋 Interested in how you can make an $1,000 per day with a trusted heavily regulated ⭐⭐⭐⭐⭐ 5-star international broker? Sign up for a free consultation.
USDJPY Trading Signals
USDJPY has recently broken through the support line of a Triangle pattern at 151.83 on the 4-hour chart, indicating a potential trend reversal. This support line has been tested multiple times in the past, making the breakout even more significant.
Trading Strategy:
- Entry Point: Consider entering a short position below 151.83
- Take Profit: Targeting 151.30 as the next support level
- Stop Loss: Placing a stop loss above the breakout point to manage risk
Technical Indicators:
The breakout is supported by the following technical indicators:
- RSI: Showing overbought conditions, indicating a potential reversal
- MACD: Bearish crossover below the zero line
- Moving Averages: 50-period MA crossing below the 200-period MA
Correlated Assets:
USDJPY tends to correlate with the following assets:
- US Dollar Index (DXY): Impact of USD strength on the currency pair
- Nikkei 225: Japanese stock market index influencing JPY movements
Economic Calendar Events:
Traders should also consider the following upcoming economic events that may impact USDJPY:
- US Non-Farm Payrolls: Monthly release affecting USD strength
- Bank of Japan Interest Rate Decision: Monetary policy decisions influencing JPY value
⚠ If you wish to learn how to invest in the right stocks or trade successfully online, you can look into our free daily news about stock market news, crypto market news, commodities news, forex news, and financial markets daily technical analysis and trading signals.
