USD/JPY Daily Outlook
Intraday bias in USD/JPY stays neutral as consolidation from 148.79 is extending. With 145.97 resistance turned support intact, further rally is in favor. As noted before, corrective fall from 151.89 should have completed at 140.25 already. Break of 148.79 will resume the rise from there for retesting 151.89/93 key resistance zone.
In the bigger picture, stronger than expected rebound from 140.25 dampened the original bearish review. Strong support from 55 W EMA (now at 142.33) is also a medium term bullish sign. Fall from 151.89 could be a correction to rise from 127.20 only. Decisive break of 151.89/93 will confirm resumption of long term up trend. This will now be the favored case as long as 140.25 support holds.
USD/JPY Mid-Day Outlook
Trading continues in USD/JPY and intraday bias remains neutral. With 145.97 resistance turned support intact, further rally is in favor. As noted before, corrective fall from 151.89 should have completed at 140.25 already. Break of 148.79 will resume the rise from there for retesting 151.89/93 key resistance zone.
USD/JPY is the forex ticker that shows the value of the US Dollar against the Japanese Yen. It tells traders how many Yen are needed to buy a US Dollar. The Dollar-Yen is one of the most traded forex pairs – second only to EUR/USD – and is a benchmark for Asian economic health and even the global economy. View the live Dollar-Yen rate with the USD/JPY chart and improve your technical and fundamental analysis with the latest USD/JPY forecast, news and analysis.
SUPPORT & RESISTANCE
S3
140.245
S2
140.245
S1
140.78
R1
148.801
R2
148.801
R3
151.907
Last updated: Jan 30, 2024
PIVOT POINTS
S3
147.082
S2
147.241
S1
147.303
R1
147.462
R2
147.559
R3
147.718
P
147.4
USD/JPY has lacked directional conviction in recent sessions, moving between overhead resistance at 148.80 and horizontal support at 147.40. Next week, however, could see more significant moves, as the Federal Reserve’s decision should to inject heightened volatility into financial markets.
Focusing on the Fed’s announcement, no monetary policy changes are expected at the January gathering, but the institution could remove the tightening bias from the post-meeting statement and embrace a more neutral message following encouraging progress on the inflation front.
In addition, traders should not find it surprising if further discussions about the overarching criteria for reducing rates unfold at the latest conclave. In that sense, if Powell signals that deliberations have reached a more advanced stage, markets may move to price in a March rate cut with greater probability – a bearish outcome for the U.S. dollar.
On the flip side, if the central bank retains a hawkish tone for fear that relaxed financial conditions could reignite inflationary pressures and refrains from teeing up a rate cut for the near term, we could see yields moving higher across the board, a scenario poised to support USD/JPY.
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