FX.co ★ Crazy-Trader | USD/JPY

USD-JPY PAIR REVIEW USD-JPY pair appeared to be heading for further gains. However, due to minimal selling support from buyers, the price immediately corrected, reaching around 147.46. The previous week, there was a downward market correction, but the fall wasn't deep enough. Shortly after, the candlestick continued its upward movement, making the market appear to be still attempting a bullish trend, as it failed to break through the monthly low at 142.70.

I attempted a technical analysis using the 4-hour timeframe, and it appears that the USD/JPY price increase has broken through the 100-day simple moving average around 147.67. As long as that area is successfully broken, I will focus more on following the market's efforts to continue the bullish trend. The emergence of a monthly bullish candlestick pattern seems to be pushing the price higher. I believe the current downward movement is merely a correction, as buyers have been trying to push the price up in the past few days. The candlestick's position, still unable to pass the 148.76 price area, is a waiting period that could signal a continuation of the price increase. Analyzing using the stochastic 5.3.3 indicator, we can see that the USD/JPY price decline in the previous week caused the signal line to touch the 20 zone, but is now attempting to rise. This makes the opportunity for price increases still unsustainable. Since the candlestick's position is still above the 100-day simple moving average (SMA), it indicates that the market trend remains bullish. Further increases are likely in the coming days. However, if the market continues to decline, caution is warranted, as it could trigger a resumption of the downtrend. Meanwhile, the 4-hour timeframe suggests that the situation has not yet resumed its previous upward movement. The candlestick has now risen past the SMA zone and is now facing upward, indicating we must be wary of a continuation of the bullish trend, as the candlestick appears to be holding above the 148.00 price area. Trading recommendation: BUY (4-Hour Chart) Position opening strategy: The conclusion of today's analysis is that the USD/JPY currency pair still has a chance to rise because the candlestick has broken through the 100-day simple moving average zone. My prediction for the next market situation is that the price still has a chance to rise. Buyers may be trying to stabilize the candlestick, driving it towards an uptrend. The target of the bullish movement may be to move higher, opening up opportunities for other buyers to support the price increase. Therefore, I personally prefer to focus on waiting for the ideal zone to open a Buy position around the 148.77 area. I will set the price increase target at 149.63, and I plan to set a stop-loss at 148.31. At the beginning of this week, the price tended to rally in an uptrend, but I remind you once again that market conditions at the beginning of the week may decline due to price corrections or consolidation before the candlestick continues its bullish trend.