USD/JPY Today's Market Analysis
【Daily Chart】
【4-Hour Chart】
Daily Chart
A lower wick bullish candlestick has been confirmed, and the price is holding up at the 25-day line and the 10EMA, acting as support.
Although the bigger picture indicates a bearish perspective with a tendency to sell USD, technically, the price is showing resilience as it has risen above the middle Bollinger Band on the daily chart.
However, there seems to be no aggressive move towards buying USD, suggesting that today's bias might initially be "sideways to bearish."
Potential downside targets to watch for could be around 144.05 to 144.00, 143.90, and possibly reaching down to 143.80, where one might look to engage.
Could there be a range forming between the mid-144.00 to around 144.00 and the latter half of 143.00?
4-Hour Chart
The price has rebounded from near the -2σ range of the Bollinger Bands, and the preceding candlestick closed above the middle line, though upside seems limited.
With current indicators suggesting "sideways to bearish" in the short term, support at around 144.30, which aligns with the 25-day line, or 144.20 near the 10EMA could emerge.
Given that the daily chart allows for a descent to around 144.00, reliance on the 4-hour chart might be tricky.
60-Minute Chart
The Bollinger Bands and moving averages are trending upwards, suggesting "sideways to bullish," although the price is inching downwards, threatening to break below the 10EMA.
Support at 144.30 to 144.20 could hold, where purchasing on dips might be advisable depending on the reaction of the Tokyo market players.
Strategy for Tokyo Hours and the Fundamentals Forecast.
There might be a sell-off to around 143.65 during New York trading hours.
A recovery to 4% in the US 10-year Treasury yields could ignite USD purchases.
Despite the overriding trend to sell USD, economic indicators could lead to fluctuating sentiment!
Tokyo Time Strategy Fundamentals Forecast
Fundamentally, a bearish sentiment on USD holds, but technically, there's a slight shift towards "sideways to bullish."
The near term likely indicates a "sideways to bearish" bias as we try to identify where the decline will halt, picturing a range-bound and subdued Tokyo session.
Even amidst a decline, there might be resistance to further drops – if the price starts to rise after holding at these dips, one will have to see if it's possible to shift to buying on dips accordingly.
Possible downside levels are around 144.30, 144.20, 144.05 to 144.00, 143.90, and down to 143.80.
Furthermore, if the price begins to ascend from these nadir points, surpassing around 144.50, then a bullish outlook can be adopted, aiming for potentially higher levels such as around 144.60, then possibly 144.75, 144.90, and up to 145.00.
＞Official Web Site