You are here: Home > articles > Forex > Trading Signal for USD/JPY for July 11-12, 2023: buy above 140.50 (6/8 Murray – oversold)
Trading Signal for USD/JPY for July 11-12, 2023: buy above 140.50 (6/8 Murray – oversold)
July 11, 2023 4:25 pmVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Early in the American session, the Japanese Yen reached the psychological level of 140,000 and since then we saw a technical bounce. USD/JPY is likely to reach the 21 SMA level located at 140.93 and could even reach the top of the downtrend channel around 141.17.
On July 10, the Eagle indicator reached the 5-point zone which represents an extremely oversold market. So, we expect the Japanese day to make a technical rebound in the next few hours.
Having reached the psychological level of 145.00, USD/JPY reversed its trend and is now in a downward phase. Hence, any technical rebound in the short term could be seen as a signal to resume sell positions.
In the event that the USD/JPY pair breaks sharply above the downtrend channel formed since July 5, we could expect it to reach the 7/8 Murray zone located at 142.18 and ultimately could reach the 200 EMA located at 143.09.
Our trading plan for the next few hours is to buy the USD/JPY pair above 140.60, with targets at 140.93 (21 SMA) and 141.17 (top of the bearish channel). In case the yen fails to break the downtrend channel, it could be seen as a signal to sell below 141.25.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: