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USD/JPY Technical Analysis - USD/JPY Trading: 2024-03-12
USD/JPY Technical Analysis Summary
Above 147.58
Buy Stop
Below 146.47
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Sell |
| Fractals | Neutral |
| Parabolic SAR | Buy |
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 five-week low yesterday. We believe the bullish momentum will resume after the price breaches above the upper bound of the Donchian channel at 147.58. 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 146.47. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic 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 business sentiment declined in first quarter. Will the USDJPY price retreating reverse?
Japan’s business sentiment declined in first quarter of 2024: Japan’s Ministry of Finance reported the Business Survey Index (BSI) for corporations with capital of 1 billion yen or over fell to -0.0% in Q1 from 4.8% in fourth quarter 2023 while the BSI for the manufacturing sector for these corporations fell from 5.7% to -6.7% in Q1 when an increase to 6.2% was expected. The business survey index measures the percentage of firms that expect the business environment to improve from the previous quarter minus the percentage that expect it to worsen. Deteriorated Japanese business confidence is bearish for yen and bullish for USDJPY.
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