You are here: Home > articles > Forex > Trading Signal for USD/JPY on September 8-11, 2023: sell below 147.80 or 147.40 (21 SMA – overbought)
Trading Signal for USD/JPY on September 8-11, 2023: sell below 147.80 or 147.40 (21 SMA – overbought)
September 8, 2023 4:24 pmVideo
Latest News
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
- Week Ahead – More inflation data on the way as rate cut bets thrown into disarray April 12, 2024
- Bitcoin will thrive during supply crisis April 12, 2024
- Technical Analysis – EURUSD plummets after US CPI and ECB decision April 12, 2024
Early in the American session, the Japanese Yen is trading around 147.50, above the 21 SMA, and above the 6/8 Murray. USD/JPY is rebounding, resuming its bullish cycle.
Yesterday in the Asian session, the Japanese Yen reached a low of 146.58 and since then, it started a technical bounce. If USD/JPY consolidates above 147.40, we could expect it to continue its rise until it reaches the top of the uptrend channel around 148.10.
The monetary policy of the Bank of Japan (BoJ) is a factor that keeps the Japanese yen weak. Whenever it recovers from an overbought condition, it resumes its bullish cycle.
Given that USD/JPY is located above the 21 SMA, this suggests a continued bullish trend. If this scenario comes true, we should expect a close below 147.40 on the 4-hour chart which could be seen as a signal to sell.
On the other hand, in case the Japanese yen continues to trade above 147.50, it is expected to extend its rise and USD/JPY could face resistance of 148.10, a level that coincides with the daily R_2 and weekly W_1, both are strong resistances.
Given that the Japanese yen is overbought according to the H-1 chart and given that the area of 147.80 has served as a strong barrier for the JPY in the past, this suggests that we could continue to sell below this area with targets at 146.87 and 144.93 that matches the 200 EMA.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: