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I confirm my intention to proceed and enter this websiteFocus on USD/JPY
On fundamentals, last Friday, BoJ revealed its monetary policy. The interest rate was unchanged as expected, however, the YCC curve surprised the market. Although BoJ has made a flexible adjustment on YCC, the targeted yield has not floated accordingly. The market describes BoJ as dovish and expects monetary easing policies to exist for some time in the future. In the short term, the yen is still in a depreciation trend while the market taking in the news.
On technical , the USD/JPY daily rebounded at the key support level last Friday, leaving a long lower shadow.
(USD/JPY daily, Ultima Markets MT4)
USD/JPY’s breaking the previous high before the interest rate decision implies a reverse move. Before it hits 144, the probability of extending the downward trend is relatively small.
(USD/JPY in 4 -hour period, Ultima Markets MT4)
In 4-hour period, the exchange rate rises to the upper edge of the upward channel. In terms of wave structure, the 5th wave structure can be ensured. It is not yet confirmed that the long-term cycle has made a reversal twist.
(USD/JPY in 1- hour period, Ultima Markets MT4)
In 1- hour cycle, the 65- week moving average often appeared as a support position in the trend. After the exchange rose and fell back yesterday, adjustment structure emerged. The Stochastic Oscillator was also in a weakening phase. It is expected to find support at the 65 -week moving average or the Fibonacci retracement position around 23.6%.
(USD/JPY in 1hr period, Ultima Markets MT4)
According to the pivot indicator in Ultima Markets MT4, the central price is 141.975,
Bullish above 141.975 is, the first target is 143.252, and the second target 143.974.
Bearish below 141.975, the first target is 141.264, and the second target 139.975.
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