FX.co ★ USD/JPY

USDJPY H4 Chart Review: Let's examine the daily price movement of the USD/JPY currency pair in more depth. Up to the lower limit where the currency pair encounters resistance, the price is in the ascending channel on the hourly chart. The price has slightly violated the channel's bottom border, which is the 161.777 level, and the currency pair is now expected to keep declining. The bottom boundary of the downtrend channel, or the 158.687 level, may become the objective of a slide if the price keeps falling. We currently have a put option if we look at the 30-minute time window. At 161.407, the lower level of the Bollinger Bands is the sell target. The present price action at 161.817, below the Bollinger median at 162.377, indicates a sell. The best approach is to follow the price. However, in order to identify its breakout on the opposite side sooner, the middle level is being monitored. The intricacy of the H4 chart is another important element in favor of the short pair. Over the H4 timeframe, there is a significant divergence between the stochastic indicator and the MACD. Two H4 candles are currently engulfed in nature and are bearish. The four-hour candle has not yet formed. Sellers lack the volume to carry it out. They will have to wait until the start of the European session. New volumes will be released. The H4 chart's candles, however, show a sell tendency; the size of the candles is important. There hasn't been much activity related to selling thus far. This action can be explained by the criterion of holding off until the Fed meeting.