In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDJPY for 5th April 2024.
Key Takeaways
- Psychological level: Market participants expects 152 psychological level is where Japanese officials may intervene to prevent further depreciation. If the greenback rises slowly to the threshold, they may not intervene in the process. However, a sharp appreciation may trigger intervention in the market.
- Key Jobs Data: Today, the United States releases highly anticipated Nonfarm Payrolls report. Weak employment data may drive down inflation expectations, thereby weakening the US dollar. Whether the US dollar against the Japanese yen can break out of its trading range depends on tonight’s report.
Technical Analysis
Daily Chart Insights
- Stochastic oscillator: Following several sessions of oscillation, the indicator is expected to form bearish signal soon. However, be vigilant and wait for further signals before entering the market.
- Trading Range: 152 psychological level is the focus threshold for the pair with potential alternative diverging to lower support level. Breakout from either direction may provide further trading opportunity.
4-hour Chart Analysis
- Moving Averages Flattening: Following two-weeks of consolidation, the 33-MA line (red) has yet to cross below the 65-MA line (black). With the current form of parallel between both lines, this may indicate further consolidation in the short term.
- Trading Range: USDJPY continues to trade within a small trading range, which emphasize the need to wait for breakout from 152 or 151. Both level hold significance in determining the next course of momentum.
Pivot Indicator
- According to the trading central in Ultima Markets APP, the central price of the day is established at 151.65,
- Bullish Scenario: Bullish sentiment prevails above 151.65, first target 152.06, second target 152.30;
- Bearish Outlook: In a bearish scenario below 151.65, first target 150.63, second target 150.39.
Conclusion
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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
