You are here: Home > articles > Forex > Trading Signal for USD/JPY for May 1-2, 2023: sell below 137.50 (8/8 Murray – 21 SMA)
Trading Signal for USD/JPY for May 1-2, 2023: sell below 137.50 (8/8 Murray – 21 SMA)
May 1, 2023 4:23 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 (USD/JPY) is trading around 136.75, above the 21 SMA and below the 8/8 Murray. We can see a strong uptrend that could continue in the next few hours but is already showing signs of exhaustion.
On the 1-hour chart, we can see that the Japanese Yen has made a strong break above 6/8 Murray on April 28 and there was a rally to current price levels. It is now showing signs of overbought conditions, and if it falls below 136.45 (21 SMA), a technical correction towards the 200 EMA located at 134.55 could occur.
On the other hand, in the event that the Japanese yen consolidates above 136.56 (21 SMA), it may continue to rise and break through the bearish channel formed in the last few hours. If so, it may develop a bullish movement towards 8/8 Murray located at 137.50..
Since the eagle indicator is showing overbought signs, a pullback towards 13.700 -137.50 could mean that the Yen is preparing for a technical correction. The key is to wait for the USD/JPY pair to be rejected around 8/8 Murray and then it would be seen as an opportunity to sell.
Data from the US is expected in the next few hours, so we can expect two scenarios. In the first one, the Yen reaches the 137.50 area where it can be sold with targets at 136.50 and 134.55.
The other scenario would be that USD/JPY breaks and consolidates below the 21 SMA around 136.45. Then we could sell it with targets at 135.93 and 134.55.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: