2023-03-21 • Updated
Between October 2022, and January 2023, the Japanese Yen outperformed several other currency pairs, resulting in over a thousand pips move on pairs like EURJPY, GBPJPY, and 2000-plus pips on USDJPY. Considering that the BOJ has recently experienced a leadership change, and the JPY is at a pivotal zone on most charts, it seems a good time to analyze the charts for trading opportunities.
USDJPY seems to be reacting from the trendline support on the daily already. However, as we can see from the chart based on the bearish alignment of the Moving averages, it confirms the possibility of a bearish movement.
Analysts’ Expectations:
Direction: Bearish
Target: 129.410
Invalidation: 135.470
CADJPY initially reacted to a demand zone even though the MAs are inclined in a bearish array. The break of structure, demand zone, and Fibonacci levels point to the possibility of price returning to the supply zone at the 200-Day MA before heading back down.
Analysts’ Expectations:
Direction: Bullish
Target: 100.060
Invalidation: 95.70
I believe the price intends to react from a trendline resistance on the daily timeframe of EURJPY. The fact that the resistance trendline falls in line with the supply zone and 88% Fibonacci retracement zone gives me a reason to believe it would be a great point of entry for a sell order.
Analysts’ Expectations:
Direction: Bearish
Target: 145.430
Invalidation: 137.30
GBPJPY looks very similar to EURJPY. I see the price heading towards and reacting from either of the two zones I have already marked out. Based on the alignment of the MAs, I will be opting for a sell order from either supply zone.
Analysts’ Expectations:
Direction: Bullish
Target: 161.000
Invalidation: 164.520
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more of such trade ideas and prompt market updates on the telegram channel.
Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
The EUR/USD pair is making gains, approaching multi-month highs around 1.0960, driven by a weakened USD and Christine Lagarde's somewhat hawkish remarks before the European Parliament. Minor housing data from the U.S., specifically New Home Sales for October, came in below expectations but didn't significantly impact the pair. Lagarde, President of the...
Canada's forthcoming Consumer Price Index (CPI) data, set for release on Tuesday, is projected to show a year-on-year decline in inflation to 3.2% for October from the previous 3.8%. This potential inflation dip might offer leeway for the Bank of Canada (BoC) to maintain its overnight rate target at 5.0% in the...
As the US Non-Farm Payrolls (NFP) take center stage, this month's data gains special attention, particularly after the unemployment rate took a concerning turn in the previous month. The US ADP Employment Change reveals a significant decline, with the economy adding 298K new jobs...
As the year winds down and the festive spirit takes hold, the stock market often presents a curious yet anticipated phenomenon known as the Santa Rally. Within this whirlwind of festive trading, let’s look at how two titans of the tech world, Amazon and Apple, might fare during this unique season.
Gold price (XAU/USD) experienced a notable turnaround, gaining fresh bids after a $125 pullback from its recent peak. Federal Reserve Chair Jerome Powell's recent speech suggested a reluctance towards aggressive rate cuts, dampening speculations of immediate policy easing. Market sentiment leans towards the belief that the Fed has concluded its tightening cycle, with a growing...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
