The USD/JPY currency pair saw reasonable growth during the Asia session. Its upward momentum remains steady. The yen is under additional pressure due to various factors, leading to a decline in its value across the market spectrum. Today, the pair will await the opening of the American market. Significant financial data is expected from the U.S. However, all eyes are on Jerome Powell's speech, the head of the Federal Reserve. The Japanese currency is highly influenced by American monetary policies. While a slight dip in the first half of the year is possible for this instrument, I'm not making the mistake of deviating from the overall uptrend. The pair is trading under perfect control. The potential resistance level is at 155.45; I'll buy above this level, targeting 157.45 and 158.35. Alternatively, if the pair starts to decline, breaks below 155.45, and stabilizes, the path will open towards 154.95 and 154.45.
M30 Minutes Timeframe Outlook:
Analyzing the 30-minute chart of the USDJPY currency pair, I decide to open a selling position. I've chosen the profit level at 156.234, which is determined separately by the LRMA BB indicator. Selling pressure persists in the market, indicating a downward trend. Consequently, the current price is 156.423, lower than the moving average of 156.439. In case of increased volatility, if the price breaches the 156.234 threshold, I'll close my selling position and reconsider how to open another selling position, waiting for a correction within the range of 156.439. However, if the average level of 156.439 is broken, I'll opt for long positions and decide to buy at 156.645, above the LRMA BB indicator's threshold.
M30 Minutes Timeframe Outlook:
Analyzing the 30-minute chart of the USDJPY currency pair, I decide to open a selling position. I've chosen the profit level at 156.234, which is determined separately by the LRMA BB indicator. Selling pressure persists in the market, indicating a downward trend. Consequently, the current price is 156.423, lower than the moving average of 156.439. In case of increased volatility, if the price breaches the 156.234 threshold, I'll close my selling position and reconsider how to open another selling position, waiting for a correction within the range of 156.439. However, if the average level of 156.439 is broken, I'll opt for long positions and decide to buy at 156.645, above the LRMA BB indicator's threshold.
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