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USD JPY Technical Analysis - USD JPY Trading: 2023-08-22
USD/JPY Technical Analysis Summary
Above 146.56
Buy Stop
Below 144.91
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
USD/JPY Chart Analysis
USD/JPY Technical Analysis
The USDJPY technical analysis of the price chart on daily timeframe shows USDJPY,Daily is rebounding above the 200-period moving average MA(200) after hitting three month low four weeks ago. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 146.56. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 144.91. After placing the order, the stop loss is to be moved to the next fractal low 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
Japanese consumer inflation came in higher than expected. Will the USDJPY price rebound persist?
Japanese consumer inflation accelerated: Bank of Japan reported the core consumer price index rose to 3.3% over year in July after 3.0% growth in June when 2.9% increase was expected. Accelerating Japanese core prices inflation is bullish for yen and bearish for USDJPY. However the current setup is bullish for the currency pair.
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