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USD JPY Technical Analysis - USD JPY Trading: 2023-07-28
USD/JPY Technical Analysis Summary
Below 138.06
Sell Stop
Above 139.18
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Sell |
| Fractals | Sell |
| 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 retreating under the 200-period moving average MA(200) after breaching above it. We believe the bearish momentum will continue after the price breaches above the upper bound of the Donchian channel at 138.06. 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 139.18. 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
Tokyo CPI growth was higher than forecast for July. Will the USDJPY price retreating persist?
Inflation in Tokyo declined less than expected in July. The ministry of internal affairs data showed consumer prices excluding fresh food rose 3% in the capital, decelerating from last month’s 3.2%. The decline was attributed to mainly lower energy prices. However the increase topped analysts’ forecast of a 2.9% growth. Tokyo consumer inflation data are a leading indicator for the national consumer price index, which will be released around three weeks later. The Statistics Bureau earlier reported Japan’s consumer inflation started to grow again in June: Japan's core consumer inflation re-accelerated in June and stayed above the central bank's 2% target for the 15th straight month. The National Core CPI rose to 3.3% over year in June from 3.2% in May, in line with expectations. Indications for stickier Japanese inflation are bullish for Japanese yen and hence bearish for USDJPY.
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