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Focus on USD/JPY Today – 24th November 2023 


Comprehensive USD/JPY Analysis for November 24, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USD/JPY for 24th November 2023. 


USD/JPY Key Takeaways 

  • Normalization of monetary policy: Japanese inflation data rose for the first time in four months. This is contrary to the previous view of the Bank of Japan that inflation will slow down, and to a certain extent strengthens expectations for the normalization of monetary policy. 
  • The Japanese economy is under pressure: Rising living costs have squeezed consumer spending. On the one hand, rising prices have caused consumers to be afraid to spend, putting downward pressure on the economy. On the other hand, the weak yen and high domestic import costs have aggravated the rise in price levels. The Bank of Japan is in a dilemma. 

USD/JPY Technical Analysis 

USD/JPY Daily Chart Insights

USD/JPY Daily Chart Insights by Ultima Markets MT4
  • Stochastic Oscillator: The indicator sends a long signal above the oversold zone. This implies to a certain extent that the bulls currently have the upper hand, but this may be due to the fact that the bears are not exerting any force. 
  • Resistance area: The red 65-day moving average once again supported the decline. The upward trend line that was broken earlier has now become a resistance to the further upward movement of the exchange rate. This price is also near the 33-day moving average. At present, the long and short resistance areas of the exchange rate are clear, and a breakthrough in either direction may become the main trend of the day. 
  • Price Action: The daily candlesticks of the previous three trading days has been formed a bullish pattern. In theory, long opportunities can be found after the exchange rate breaks through yesterday’s high. 

USD/JPY 1-hour Chart Analysis

USD/JPY 1-hour Chart Analysis By Ultima Markets MT4
  • Stochastic oscillator: The indicator sends a short signal in the oversold area, suggesting that the USD/JPY will mainly consolidate during the Asian session. 
  • Fibonacci retracement level: The upward trend was complete, so there was downward pressure on the exchange rate. The first target is the area above 50% of the Fibonacci retracement level. 

Ultima Markets MT4 Pivot Indicator

Ultima Markets MT4 Pivot Indicator For USD/JPY
  • According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 149.390, 
  • Bullish Scenario: Bullish sentiment prevails above 149.390, first target 149.882, second target 150.196; 
  • Bearish Outlook: In a bearish scenario below 149.390, first target 149.077, second target 148.576. 

Conclusion 

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