The below applies to all posts in this thread
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USD/JPY analysis: Asian Open – 4.9.23
USD/JPY technical analysis (1-hour chart):
USD/JPY formed a Doji last week to show indecision around the cycle highs. And perhaps that can be expected, with the BOJ slowly beginning to make comments about the forex market. Yet a bullish outside / engulfing day formed on Friday to show strong demand around 144.50.
Whilst this paints an upside bias, bulls should be cautious around current levels given the levels of potential resistance nearby. Last week’s VPOC (volume point of control) resides around 146.59 – the level a soft US CPI print triggered an aggressive selloff and has acted as resistance since. Therefore, bulls may want to wait for a pullback before seeking longs at lower prices, such as the 145.55 area near the daily pivot point. If pries rally from the open, I’d prefer to wait to see if resistance holds and produces a pullback before reconsidering longs.
From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.
USD/JPY analysis: Asian Open – 4.9.23
USD/JPY technical analysis (1-hour chart):
USD/JPY formed a Doji last week to show indecision around the cycle highs. And perhaps that can be expected, with the BOJ slowly beginning to make comments about the forex market. Yet a bullish outside / engulfing day formed on Friday to show strong demand around 144.50.
Whilst this paints an upside bias, bulls should be cautious around current levels given the levels of potential resistance nearby. Last week’s VPOC (volume point of control) resides around 146.59 – the level a soft US CPI print triggered an aggressive selloff and has acted as resistance since. Therefore, bulls may want to wait for a pullback before seeking longs at lower prices, such as the 145.55 area near the daily pivot point. If pries rally from the open, I’d prefer to wait to see if resistance holds and produces a pullback before reconsidering longs.