All Articles Tagged - USDJPY

Technical Analysis – USDJPY still battles with 38.2% Fibonacci

Posted on March 2, 2023 at 2:01 pm GMT

USDJPY is fighting to surpass the 38.2% Fibonacci retracement level of the negative wave from 151.90 to 127.25 at 136.66, where the 200-day SMA resides. Overcoming these obstacles could lead the market towards a new bullish rally, shifting the longer timeframe to a positive one. Technically, the MACD oscillator is gaining speed above its trigger and zero lines, while the RSI is touching the overbought region, suggesting the market may be overstretched. In previous sessions, the 20- and 50-day SMAs [..]

Daily Market Comment – Sentiment improves on upbeat Chinese PMIs, dollar sags

Posted on March 1, 2023 at 10:11 am GMT

Strong China factory data boosts equities but rate hike fears limit gains Dollar pulls back, euro climbs as ECB starts QT Aussie and loonie up on China optimism but soft GDP numbers weigh Markets buoyed as China reopening boost starts to materialize After ending February on a sour note, equity markets started the new month in a cheerier mood with the help of some much-needed positive headlines from China. Manufacturing activity in the world’s second largest economy grew at the [..]

Technical Analysis – USDJPY fights with 38.2% Fibo and 200-day SMA

Posted on March 1, 2023 at 8:09 am GMT

USDJPY is struggling to surpass the 38.2% Fibonacci retracement level of the downward wave from 151.90 to 127.25 at 136.66, where also the 200-day simple moving average (SMA) lies. Any movements above these obstacles could open the door for more positive actions. Technically, the MACD oscillator is strengthening its momentum above its trigger and zero lines, while the RSI is flattening near the overbought region, suggesting that the market may be overstretched. In trend indicators, the 20- and the 50-day [..]

Weekly Technical Analysis – USDJPY, EURUSD, AUDUSD

Posted on February 28, 2023 at 11:03 am GMT

This week the focus of attention will be on the US ISM manufacturing and non-manufacturing PMIs, Eurozone CPI and Australian GDP figures and the focus would be at how USDJPY, EURUSD and AUDUSD may react. US ISM PMIs → USDJPY On Wednesday and Friday, the ISM PMIs are likely to get a lot of attention. The manufacturing PMI is expected to have risen from 47.4 to 47.9, but the non-manufacturing PMI is expected to have fallen from 55.2 to 54.2. [..]

Daily Market Comment – Higher for longer Fed bets fortified after PCE inflation jump

Posted on February 27, 2023 at 10:15 am GMT

PCE inflation creeps up unexpectedly, pushing Fed’s terminal rate bets higher Yields surge again, dollar hits 7-week high as Wall Street tumbles Gold sinks too but pound perks up as Northern Ireland deal with EU eyed Disinflation doubt after core PCE shock The run of downside surprises in US inflation data has well and truly come to an end, at least for now, after the latest PCE price figures followed the CPI report in coming in above expectations. The Fed’s [..]

Week Ahead – US ISM PMIs and Eurozone CPI data enter the spotlight

Posted on February 24, 2023 at 11:04 am GMT

Following a relatively busy week, the calendar becomes lighter next week. However, that doesn’t mean there are no important economic releases on the agenda. On the contrary, with market participants trying to figure out how many more rate hikes the US economy can withstand, they may pay extra attention to the ISM PMIs for February. Also, with most ECB policymakers arguing that more 50bps worth of rate hikes are needed to tame inflation, the Eurozone’s preliminary CPI numbers for February [..]

Daily Market Comment – Yen slips on cautious Bank of Japan signals

Posted on February 24, 2023 at 10:24 am GMT

Yen retreats after incoming BoJ Governor strikes cautious tone Dollar grinds higher, pushing gold to lowest levels of 2023 Stock markets close in the green, Nvidia does the heavy lifting Yen feels the BoJ blues The yen absorbed some damage on Friday, in the aftermath of the latest inflation report and some remarks by incoming Bank of Japan Governor Kazuo Ueda. Inflation continued to fire up in January, yet the Japanese currency did not manage to capitalize as Ueda downplayed [..]

Daily Market Comment – Dollar stays strong after Fed minutes, yen awaits Ueda

Posted on February 23, 2023 at 8:53 am GMT

Fed minutes show that almost all officials backed 25bps hike Dollar strengthens as they remain willing to adjust as necessary Yen traders await Ueda’s first speech after his nomination Dollar gains more as Fed hike bets remain elevated The US dollar continued trading higher against most of the other major currencies on Wednesday, but today it is pulling back. The minutes of the latest FOMC meeting allowed investors to keep bets with regards to the future path of US interest [..]

Technical Analysis – USDJPY extends breakout move, 200-day SMA in focus

Posted on February 22, 2023 at 9:03 am GMT

USDJPY had been trading within a downward sloping channel since mid-October when the price peaked at a 32-year high of 151.94. Nevertheless, the pair managed to break above this pattern in early February, with its strong advance currently approaching the 200-day simple moving average (SMA). This positive short-term bias is also endorsed by the momentum indicators. Specifically, the RSI has jumped above its 50-neutral mark, while the stochastic oscillator posted a bullish cross within the 80-overbought zone. If the upside tendency persists, [..]

Technical Analysis – USDJPY jumps higher but is capped by 134.75

Posted on February 21, 2023 at 1:47 pm GMT

USDJPY is accelerating and is flirting with the 134.75 resistance level again. The technical indicators are all pointing to further positive momentum in the near term. The RSI is pointing upwards and is moving towards the overbought region, while the MACD is extending its bullish structure above its trigger and zero lines. The 20- and the 50-day simple moving averages (SMAs) posted a bullish crossover, suggesting the market may stretch even higher. Immediate resistance to further gains would likely come [..]

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