USDX
101.828

0.05%

XAUUSD
1932.67

0.24%

WTI
79.376

0.14%

EURUSD
1.08730

0.05%

GBPUSD
1.24009

0.07%

USDJPY
129.432

0.28%

USNDAQ100
12111.52

0.45%

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USD/JPY: Best Appropriate Buying Levels

Forex Market
Summary:

Immediately after the emergence of reports that the Japanese central bank will re-evaluate its monetary policy this week with more stringent steps.The price of the Japanese yen jumped strongly against the rest of the other major currencies, without exception.In the case of the USD/JPY currency pair, it moved downwards and strongly towards the support level of 127.45, the lowest for the currency pair in eight months.The week's trading closed around 127.85, waiting for anything new. 

Sell USDJPY
End Time
CLOSED

128.727

ENTRY PRICE

124.000

TGT PRICE

128.931

SL PRICE

129.432 -0.376 -0.28%

204

Points

Loss

124.000

TGT PRICE

128.931

CLOSING

128.727

ENTRY PRICE

128.931

SL PRICE

Fundamentals

According to official figures, US inflation continued to slow in December, adding to evidence that price pressures have peaked and putting the Federal Reserve on track to slow the pace of interest rate hikes again. The overall consumer price index fell -0.1 percent from the previous month, with cheaper energy costs fueling the first drop in two and a half years, according to a Labor Department report on Thursday. The measure increased by 6.5 percent from a year earlier, the lowest level since October 2021.
In addition to the shift in the policy of the Japanese central bank, the US dollar was negatively affected by calming expectations about the course of tightening the US Federal Reserve's policy, after the results of the recent important US economic data, led by job numbers and inflation.

Technical Analysis

Daily Pivots: (S1) 127.07; (P) 128.25; (R1) 129.04; More… 
Intraday bias in USD/JPY is turned neutral with current recovery, and some consolidations could be seen. But more decline is expected as long as 134.76 resistance holds. Break of 127.20 will resume the fall from 151.93 to 121.43 Fibonacci level next.
In the bigger picture, the firm break of 55 week EMA (now at 131.59) raises the chance of medium term bearish reversal, but that’s not confirmed yet. Strong support could be seen around 61.8% retracement of 102.58 to 151.93 at 121.43 and 38.2% retracement of 38.2% retracement of 75.56 to 151.93 at 122.75 to bring rebound. But break of 134.76 resistance is needed to indicate bottoming first. Otherwise further fall will remain in favor.

USD/JPY: Best Appropriate Buying Levels_1Trading Recommendations

Trading Direction: short
Entry Price: 128.727
Target Price: 124.00
Stop Loss: 128.931
Risk Warnings and Investment Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or signal, or any other product is suitable for you based on your investment objectives and financial situation.

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Chandan Gupta

Analyst

BeingTrader Trading Coach & Speaker, a Technical Analyst since last 7 years. I am a charting lover.. I started my career as a P2P Crypto trader and started learning candle movements and trends all by myself. My style of trading consists of Support/Resistance, Order Blocks, Trends, very little pattern findings and Price Action.

Rank

13

Articles

7

Win Rate

33.33%

P/L Ratio

--

Focus on

USDJPY, WTI, XAUUSD

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