You are here: Home > articles > Forex > Technical Analysis – USDJPY advances after bouncing off 50-day SMA
Technical Analysis – USDJPY advances after bouncing off 50-day SMA
May 9, 2024 8:28 amVideo
Latest News
- Analysis of EUR/USD pair on May 23rd. Buyers make a second attempt to test the 1.0880 level May 23, 2024
- Analysis of GBP/USD pair on May 23rd. American reports saved the dollar May 23, 2024
- Forecast of EUR/USD pair on May 23, 2024 May 23, 2024
- Forecast of GBP/USD pair on May 23, 2024 May 23, 2024
- USD/JPY: Simple trading tips for novice traders on May 23rd (US session) May 23, 2024
- GBP/USD: Simple trading tips for novice traders on May 23rd (US session) May 23, 2024
- EUR/USD: Simple trading tips for novice traders on May 23rd (US session) May 23, 2024
- GBP/USD: trading plan for the US session on May 23rd (analysis of morning deals). Buyers hit resistance at 1.2760 May 23, 2024
- EUR/USD: trading plan for the US session on May 23rd (analysis of morning deals). The euro rebounded from the 1.0819 level May 23, 2024
- Technical analysis – US 500 index slips after all-time high but holds within bullish area May 23, 2024
- Nvidia set to propel Wall Street to new highs but Fed uncertainty weighs – Stock Markets May 23, 2024
- Trading Signals for EUR/USD for May 23-25, 2024: buy above 1.0834 (200 EMA – rebound) May 23, 2024
- Trading Signals for SILVER (XAG/USD) for May 23-25, 2024: buy above 30.00 (200 EMA – rebound) May 23, 2024
- Forex forecast 05/23/2024: EUR/USD, GBP/USD, USDX, Oil and Bitcoin from Sebastian Seliga May 23, 2024
- Video market update for May 23, 2024 May 23, 2024
- USD/JPY: Simple trading tips for novice traders on May 23rd. Analysis of yesterday’s forex transactions May 23, 2024
- GBP/USD: Simple trading tips for novice traders on May 23rd. Analysis of yesterday’s forex transactions May 23, 2024
- EUR/USD: Simple trading tips for novice traders on May 23rd. Analysis of yesterday’s forex transactions May 23, 2024
- Technical Analysis – EURUSD recovers ground, remaining above downtrend line May 23, 2024
- Technical Analysis – EURGBP tests critical pivot area after slump May 23, 2024
USDJPY in a recovery mode after pull back comes to a halt
Momentum indicators suggest intensifying positive momentum
USDJPY experienced a strong pullback from its 34-year high of 160.20 following the intervention by Japanese authorities a week ago. However, the pair managed to find its feet at the 50-day simple moving average (SMA) and recoup a significant part of its recent losses.
Should bullish pressures persist, the price could challenge 156.35, which is the 138.2% Fibonacci extension of the 151.90-140.24 downleg. Further upside attempts could then cease at the 161.8% Fibo of 159.10. Conquering this barricade, the bulls may then attack the 34-year peak of 160.20.
On the flipside, if the pair comes under selling pressure, initial support could be found at the 123.6% Fibo of 154.64. Failing to halt there, the price could descend towards the May deflection point of 151.84, which lies very close to the 50-day SMA. In case of a downside violation, the April support of 150.87 could come under scrutiny.
In brief, after some roller coaster sessions in the aftermath of the Japanese intervention, USDJPY has been in a steady advance towards its recent highs. Therefore, we could see some heightened volatility moving forward as the price approaches levels that the Japanese side seems willing to defend.
Related Posts: