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USD/JPY Technical Analysis - USD/JPY Trading: 2023-08-09
USD/JPY Technical Analysis Summary
Above 143.88
Buy Stop
Below 141.50
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
USD/JPY Chart Analysis
USD/JPY Technical Analysis
The USDJPY technical analysis of the price chart on daily timeframe shows USDJPY,Daily is rebounding above the 200-period moving average MA(200) after hitting three month low three weeks ago. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 143.88. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 141.50. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - USD/JPY
Japanese nominal pay growth slowed when acceleration was expected. Will the USDJPY price rebound persist?
Japanese nominal pay growth slowed: Ministry of Health, Labor and Welfare reported Average Cash Earnings rose 2.3% over year in June after 2.9% growth in May when 3.0% increase was expected. At the same time real wages fell for a 15th straight month in June due to price increases. Slowing Japanese workers’ wages is bearish for yen and bullish for USDJPY. At the same time Japanese spending decline accelerated: the Statistics Bureau reported Household Spending fell 4.2% over year in June after 4.0% drop in May when 3.9% decline was expected. Falling Japanese household spending is also bearish for yen and bullish for USDJPY.
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