FX.co ★ USD/JPY

USDJPY Price Analysis: Our conversation concerns the current state of the USD/JPY currency pairs price behavior review. The USD/JPY pair has just entered the selling zone between the 200-period EMA at 153.704 and the 50-period EMA at 153.404. The pair must consolidate above the 200 EMA and surpass yesterdays high of 154.044. A triple bottom formation could unfold if this happens, potentially pushing the pair towards the 156.204 level. However, the pair is currently encountering resistance at the 200 EMA, so we must monitor its next moves closely. A drop below the 50 EMA could trigger a sell signal, with a possible decline to 152.504. Despite this, I still anticipate growth for the pair. USD/JPY is trading around 153.514. Yesterday, the exchange rate sharply reversed from 154.104, falling to 151.894. Technical analysis of the hourly chart shows the MACD indicator remains in the positive zone, but the Parabolic SAR is signalling a sell. If sellers break below 152.994 today, we could see a further decline toward 150.194. On the half-hour chart, the price is currently trapped in a sideways channel and moving toward horizontal resistance. Once the price hits resistance, traders can consider entering a short position with a target at the support line. However, if the resistance is likely and the price stabilizes above it, long positions may become viable with a target at the next resistance level.

From a higher time frame perspective, its evident that the currency pair has been in a sideways trend. For better clarity, this is likely on the screen. This pattern is unsurprising, as the price is hovering around 153.204, and similar developments are unfolding with other major currency pairs. Scalpers, in particular, should focus on the high and low of the previous day and rely on intraday pivot levels for short-term targets. On the fundamental side, during the active phase of the American session, the U.S. will release high-impact economic data, which could influence the market.