USD/JPY Technical Analysis | USD/JPY Trading: 2023-11-24 | IFCM UK
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USD/JPY Technical Analysis - USD/JPY Trading: 2023-11-24

USD/JPY Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Above 149.74

Buy Stop

Below 148.87

Stop Loss

Ara Zohrabian
Senior Analytical Expert
Articles 2425
RSI Neutral
MACD Neutral
Donchian Channel Buy
MA(200) Sell
Fractals Buy
Parabolic SAR Buy

USD/JPY Chart Analysis

USD/JPY Chart Analysis

USD/JPY Technical Analysis

The USDJPY technical analysis of the price chart on 4-hour timeframe shows USDJPY,H4 is retracing up toward the 200-period moving average MA(200) after hitting ten-week low two days ago. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 149.74. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 148.87. After placing the order, the stop loss is to be moved to the next fractal low, following Parabolic indicator signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis of Forex - USD/JPY

Japan’s Manufacturing PMI declined in November. Will the USDJPY price rebound persist?

Japan’s Manufacturing PMI declined in November: SP Global Markit’s flash report showed Manufacturing PMI in Japan declined to 48.1 for November from 48.7 in October, when an increase to 48.8 was forecast. Readings above 50.0 indicate industry expansion, below indicate contraction. Japan's factory activity shrank for a sixth straight month in November. Both output and new orders fell further in November and the pace of contraction in incoming business accelerated. This is bearish for the Japanese yen and bullish for USDJPY.

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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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