Abstract: USD/JPY meets with a fresh supply on Friday and is weighed down by reviving demand for the JPY.
USD/JPY meets with a fresh supply on Friday and is weighed down by reviving demand for the JPY.
USDJPY Analysis
The USD/JPY pair struggles to capitalize on its modest gains recorded over the past two trading sessions and attracts fresh sellers following an early uptick to the 132.00 area on Friday. This could lead to the price of USDJPY trading back towards the key resistance levels. On a weekly time frame the price could be forming an inverse head and shoulders pattern which could see the price move much higher.
If the price does close above the 132.75 support on the daily time frame, we could look for the price to trade back to the previous highs and resistance of 134.50. A break above the 134.50 highs would lead to the price heading back to the daily 200 moving average and resistance of 137.75.
The price moving higher and reaching these levels will depend on the Federal Reserve rate decision next week. If the Fed holds rates or moves by the slower pace of 25 basis points, the market could move higher. A move to raise rates at a faster pace could cause further banking concerns which could drive prices back lower.
USDJPY
The price on the chart has traded through multiple technical levels and some observations included:
• Price is finding support at 132.75.
• If price holds above this level we could see a move to 134.50.
• A break above 134.50 would lead to a move towards 137.75.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Recently, WikiFX Forex Rights Protection Day has received extensive attention and heated discussions within the industry. This rights protection campaign, initiated by WikiFX, aims to expose illegal platforms through user submissions, safeguard the fairness, transparency, and standardization of the forex market, and create a safe and reliable trading environment for investors. As the event progresses, its influence continues to expand, drawing coverage from numerous globally renowned media outlets.
On Saturday, Iran retaliated against a suspected Israeli attack on its Syrian consulate by launching missiles and explosive drones at Israel, marking its initial direct assault on Israeli soil. This incident prompted a surge in gold prices on Monday as investors sought safe havens amid rising concerns about a broader regional conflict, leaving traders apprehensive about the future.
In this article, we will look in-depth at ZFX, examining its key features.
The article suggests positive prospects for Malaysia's Ringgit (MYR) based on projections by BMI, indicating potential strengthening trends in the latter half of 2024 and early 2025. Factors such as anticipated policy relaxation, stability in yield differentials, and favourable external conditions contribute to this outlook. However, whether this constitutes "good news" for the MYR ultimately depends on various factors, including economic performance, policy decisions, and external developments, which may impact currency movements.