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USD JPY Technical Analysis - USD JPY Trading: 2024-08-08
USD/JPY Technical Analysis Summary
Below 145.42
Sell Stop
Above 147.67
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Neutral |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
USD/JPY Chart Analysis
USD/JPY Technical Analysis
The technical analysis of the USDJPY price chart on 1-hour timeframe shows USDJPY,H1 is retracing lower under the 200-period moving average MA(200) after hitting one-week high yesterday. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 145.42. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 147.67. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - USD/JPY
Current account surplus rose in Japan. Will the USDJPY price retreating continue?
Current account surplus rose in Japan: the Ministry of Finance reported Japan's current account surplus rose 0.9% in June from the year before to the second-highest level for the month - 1.53 trillion yen. Japan's trade surplus expanded nearly 70% to 556.3 billion yen helped by continued export growth. Exports grew 5.9% to 9.17 trillion yen, compared with imports that rose 3.4% to 8.61 trillion yen. The surplus in the current account balance, one of the widest gauges of international trade, expanded nearly 60% in the January-June period from a year earlier. Rising Japanese current account surplus is bullish for yen and bearish for USDJPY pair.
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