FX.co ★ USD/JPY

USDJPY Daily Chart Review: I have examined the USD/JPY price behavior on the daily chart, beginning at the 163.544 support level. A bullish scenario that could result in a false breakout or a full passage beyond the 171.864 level by a bullish candle is what I have recognized as a three-wave pattern. That is the foundation of my trading strategy. I have seen consistent, long-term gain after examining the USD/JPY pair's price movement within the daily trend. The pair is showing active growth as it is trading close to the resistance level of 168.474, which is the upper limit of the TMA trend indicator. Secondary signs show a likely corrective downturn, but other indicators are lagging, indicating a possible sustained rise. In particular, the D1 stochastic indicates that the USD/JPY pair is overbought, and the ZigZag pointer signals the end of the current growth wave. We can expect the USD/JPY price to continue rising even if technical analysis frequently loses out to fundamental variables for this pair, especially the interest rate difference between the US Federal Reserve and the Bank of Japan. The range between the round levels of 169.664 and 170.144 is probably where this growth will remain. In this market, selling immediately is essential. However, if the Bank of Japan engages in fresh currency interventions or the US Federal Reserve lowers interest rates at the June meeting, a decrease might take place. The USD/JPY price is predicted to continue rising in the absence of these fundamental shifts, with the goal of reaching and potentially updating the global maximum close to 171.644.