USD/JPY – Yen Gains Momentum Amidst PMI Data Release
USD/JPY (Short Position)
Timeline : 1-2 days – Sell signal
- Take-profit: 128.50
- Stop-loss: 132.00
USD/JPY (Long Position)
- Buy Signal: 131.35
- Take-profit: 134.00
- Stop-loss: 129.50
The US Dollar gained against Japanese Yen on Tuesday morning as the Pair was gaining some stability with risk-on sentiment. The exchange rate moved up to 130.58 which is a significant move from last week’s low of 128. But after the release of PMI data, the Yen moved up against USD once again. The exchange rate fell once again. After forming a descending regression channel, the pair is moving towards an upper level at the moment. An analysis using the MACD indicator suggests that there are 2 possible outcomes of this movement.
The sellers will be targeting the lower side, and this will result in a fall in the prices. So, for those with this outlook a short position will be the way to go. Another possibility that we see is that the pair may go through a reversal, which means that the USD may regain its strength against Yen in the coming days. So, bulls may set a buy-stop at 131.35 and wait for the pair to continue the bullish trend.
Forex Weekly Forecast
- BTC/USD: A rally is expected with the bullish behaviour of the pair.
- XAU/USD: The uptrend may continue as the pair continue to book gains for the fifth time in the week.
- EUR/USD: The pair continue to swing up and down compared to the previous week in which we witnessed solid gains.
- USD/JPY: The pair likely to remain bearish as the price falls below 130.00
- GBP/USD: The British Pound continues to move up against the US Dollar.
- AUD/USD: The pair strongly react to the consumer inflation figures and rallies.
- USD/CAD: Volatility is expected with the rumours regarding upcoming interest rate hikes.
- USD/CHF: The pair recovers from the daily low range and reached 0.9220
- EUR/GBP: The pair moves up to a weekly high, signalling a possible rebound
- EUR/CHF: An opportunity to short as the pair showcases a bearish trend.
Relevant news
EUR/USD – The Uptrend Is Likely To Continue For The Pair
Bullish View Take Profit: 1.1300 Stop Loss : 1.1200 Timeline: 1 day Bearish View Sell…
AUD/USD – The Aussie Dollar Pair Looks Stuck in a Range as of Now
Bearish View Take Profit: 0.6600 Stop Loss : 0.6750 Timeline: 1-2 days Bullish View Buy…
Forex News for 4 April, 2023
In March, China's Caixin manufacturing PMI declined to 50.0 from an eight-month high of 51.6…
EUR/USD – A Bearish Breakout is Possible for the Pair
Bearish View Take Profit: 1.0717 Stop Loss: 1.0925 Timeline: 1-2 days Bullish View Buy Stop:…
BTC/USD – A Bearish Breakout Can Be Expected For The Pair
Short Position Take Profit - 25,260 Stop Loss - 28,000 Timeline: 1-2 days Long Position…
Forex News for 28 March, 2023
In April, U.K. retailers saw positive sales expectations for the first time in seven months,…
Login
Register