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USD/JPY Technical Analysis - USD/JPY Trading: 2024-11-08
USD/JPY Technical Analysis Summary
Below 152.545
Sell Stop
Above 154.512
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Buy |
| Fractals | Neutral |
| Parabolic SAR | Sell |
USD/JPY Chart Analysis
USD/JPY Technical Analysis
The USDJPY technical analysis of the price chart on 4-hour timeframe shows USDJPY,H4 is retracing lower toward the 200-period moving average MA(200) after hitting four-month high yesterday. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 152.545. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 154.512. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - USD/JPY
Japan’s household spending declined at a lower rate in September. Will the USDJPY price retracing lower persist?
Japan’s household spending continued to decline in September: the Statistics Bureau reported Household Spending declined 1.1% over year in September after 1.9% drop in August when 1.8% decrease was expected. It was the second consecutive monthly fall against the backdrop of rising prices as inflation-adjusted wages continued to slide despite nominal salary rising and consumer inflation cooling. Slower than expected Japanese household spending decline is bullish for yen and bearish for USDJPY. At the same time, the Cabinet Office reported that the Leading Indicator, a composite index based on 11 economic indicators, rose more than expected in September: the index rose to 109.4% from 106.9% in August when a growth to 108.9% was forecast. This is also bullish for yen and bearish for USDJPY.
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