USDJPY in buying zones. A rebound towards 149.00 is expected.

USDJPY in buying zones. A rebound towards 149.00 is expected.

2024-01-18 • Updated

  • Main Scenario: Buying above 148.00 with targets at 148.62 and 149.00 in extension. It is recommended to set a stop loss (S.L.) below 147.60 or at least 1% of the account capital**.

  • Alternative Scenario: Selling below 147.60 with targets at 147.36 and 147.00 and the ADR at 146.76 in extension. It is recommended to place a stop loss above 148.00 or at least 1% of the account capital**. A trailing stop can be used.

Analysis from the daily chart

USDJPY decisively renews the macro bullish trend after breaking the 144.95 resistance and, consequently, all the selling zones from December. The next target to reach is the uncovered POC* from November around 149.46, very close to the broken support at 149.18, which now acts as resistance, a selling zone that will trigger a new price correction. On the other hand, if quotes correct towards 147.00 and 146.00 from current levels, a new stronger rebound will be observed, seeking to surpass the November selling zones.


Scenario from the H1 chart

It maintains a bullish structure with a bearish opening towards yesterday's uncovered POC* around 147.83. A more extended decline below this level will seek the next high-volume node at 147.36, both buying zones expected to be defended by bulls to trigger a new price rebound towards yesterday's resistance and the next uncovered POC at 148.62, whose breakout will expand the ascent towards the selling zone around 149.00, where the average bullish range, an uncovered POC, and the level 149.18 converge. On the other hand, a stronger decline breaking the support at 147.00 will anticipate a more extended correction towards the average bearish range at 146.76 and 146.00.

*Uncovered POC: POC = Point of Control: It is the level or zone where the highest volume concentration occurred. If there was a bearish movement before it, it is considered a selling zone forming a resistance area. On the contrary, if there was a bullish impulse before it, it is considered a buying zone, usually located at lows, forming support zones.


**Consider this risk management suggestion. **It is very important that risk management is based on capital and traded volume. For this, a maximum risk of 1% of the capital is recommended. It is suggested to use risk management indicators such as Easy Order.




This document does not constitute a recommendation to buy or sell financial products and should not be considered a solicitation or offer to participate in transactions. This document is an economic research by the author and does not intend to provide investment advice or solicit securities transactions or other types of investment in FBS. Although every investment carries a certain degree of risk, the risk of loss in forex trading and other leveraged assets can be substantial. Therefore, if you are considering trading in this market, you should be aware of the risks associated with this product to make informed decisions before investing. The material presented here should not be interpreted as advice or trading strategy. All prices mentioned in this report are for informational purposes only.



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