USDJPY Nears Key Support for Buying Opportunity

#USDJPY #CryptoMarketMoves #Marketsentimentstoday
#Market_Update #currency

Hey Traders, today we are closely monitoring USDJPY for a potential buy near the 141.500 zone.

The pair is trading within a channel and is currently approaching its channel support. We are waiting for a bullish confirmation before entering the trade.

Once confirmed, the target would be around 146, which represents a strong resistance level. Keep an eye on this setup as USDJPY could offer a solid buying opportunity soon.

#USDJPY Anticipation Levels

Japan's GDP has experienced a significant surge, leading to expectations of increased interest rates in the UK due to rising wages😳

Developed markets gave a totally different story where Japan printed a 6%(!!) annualized GDP (vs 2.9% expected), causing the USDJPY to break 145 and keeping the CNYJPY pair towards its YTD highs at ~20 as the 'beggar-thy-neighbour' depreciation game continues. Across the pond, UK wage growth also came in at 8.2% on a 3m annualized basis, leading to a sharp 10bp jump in September BoE pricing, and 10yr Gilts back to flirting around last October's 'mini-budget' yield highs just ahead of UK CPI.

#rate #USDJPY #CNYJRY #YTD #CPI

#USDJPY
all target hit

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USD  / JPY trade setups using 146.50 for protection

#usdoller  #USDJPY #Marketsentimentstoday  #Market_Update  #marketCrush

Sitting in the middle of its recent range at the beginning of a week laden with risk events, 146.50 looms as a potential level USD/JPY traders can build setups around. With price and momentum breaking their respective downtrends last week, and with no meaningful sign of further deterioration in the US labour market based on recent jobless claims data, buying dips is preferred to selling rallies near-term.

Given that view and proximity to 146.50, one potential setup would be to buy a clean break above the level with a stop below for protection. Traders could target 149.70 which is where the former uptrend dating back to early 2023 now intersects with horizontal resistance. Traders could also buy around these levels with a tight stop below for protection, although that screens as a lower probability setup despite what would be entry at lower levels.

While price momentum looks to be shifting higher, should USD/JPY continue to be capped by selling at 146.50, traders could look to sell below the level with a stop above for protection. 143.60 is one potential target given it attracted buying support on several occasions during August.

Why The Japanese Yen Crashed ! #USDJPY

Some friends of mine recently returned from a vacation to Japan and they can’t stop talking about how cheap their trip was. Checking the charts, these days one U.S. dollar buys almost 160 yen, meaning the dollar is the strongest it’s been versus the yen in decades.

Currencies are not always easy to think about. When a stock or commodity price goes up, it does so more or less in absolute terms.

It now is worth more and you are objectively richer. When a currency goes up (or down), it does so in relative terms.
When the dollar strengthens, I don’t feel suddenly richer. Similarly, when the Yen drops in price against the dollar or other major currencies, Japanese citizens don’t suddenly feel impoverished.

Rather, everyone goes about the business of living their lives, too busy to notice these big currency moves.

But over time, you start to feel the impact. American tourists realize how cheap Japanese tourism and goods have become. Japanese citizens start to notice that prices for imported goods, especially commodities that are priced in dollars.

#SOFR_Spike #US_Job_Market_Slowdown #BinanceTurns7