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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDJPY for OCT 8th, 2024.
Key Takeaways
The rate cut is still the key: Federal Reserve member Kashkari believes that the neutral interest rate is close to 3%. Traders expect the Fed to further cut interest rates by less than 50 basis points this year.
Risk aversion supports dollar: According to market news, Israel will soon retaliate against Iran. According to Iran’s Tasnim News Agency, Iran has prepared 10 plans to deal with potential attacks from Israel. The escalation of geopolitical conflicts will continue to support the continued upward movement of the US dollar.
Technical Analysis
Daily Chart Insights
(USDJPY Daily Price Chart, Source: Ultima Markets MT4)
(USDJPY Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The fast line shows signs of turning downward in the overbought area, suggesting that the current bullish trend may be adjusted briefly. However, since there is still no clear bearish signal, it is not advisable to short rashly.
Key price: As analyzed in last week’s article, the high point of the Pin bar, near 146.45 is the key to the long-short conversion. The exchange rate is currently in the adjustment stage, and the downward limit target looks at the long-short conversion price. After the adjustment is over, pay attention to the 200-day MA around 149.391. The second target is near the previous decline in the fair value gap.
H1 Chart Insights
(USDJPY H1 Price Chart, Source: Ultima Markets MT4)
(USDJPY H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator is entangled below the 50 median line. Before entering the oversold area, the exchange rate will still be dominated by oscillation downward. Wait for the indicator to send a bullish signal in the oversold area before it is worth paying attention to whether there is a long opportunity.
MA support: The MA group begins to flatten. If the exchange rate continues to rise after being blocked by the black 65-period MA, the cycle of the exchange rate rise will be very strong. However, it is temporarily judged that the current downward adjustment trend is wave 4, so the downward target looks at around 146.467, which is the high point of the previous wave 1.
Pivot Indicator
(USDJPY M30 Price Chart, Source: Ultima Markets APP)
(USDJPY M30 Price Chart, Source: Ultima Markets APP)
According to the Ultima Markets APP, the central price of the day is established at 148.65,
Bullish Scenario: Bullish sentiment prevails above 148.65, first target 149.10, second target 149.50;
Bearish Outlook: In a bearish scenario below 148.65, first target 147.20, second target 146.60.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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