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USD/JPY Technical Analysis - USD/JPY Trading: 2023-05-17
USD/JPY Technical Analysis Summary
Above 137.15
Buy Stop
Below 136.38
Stop Loss
| Indicator | Signal |
| RSI | Sell |
| MACD | Sell |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
USD/JPY Chart Analysis
USD/JPY Technical Analysis
The technical analysis of the USDJPY price chart on 1-hour timeframe shows USDJPY: H1 is continuing is advance above the 200-period moving average MA(200). The RSI indicator is in overbought zone. We believe the bullish movement will resume after the price breaches above the upper bound of the Donchian channel at 137.155. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 136.38. After placing the order, the stop loss is to be moved to the next fractal low 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
Japan’s economy grew more than expected in the first quarter. Will the USDJPY price rebound reverse?
Japan’s economy expansion was bigger than expected in the first quarter: the Cabinet Office reported the Q1 gross domestic product (GDP) rose 0.4% over quarter following no change in Q4 2022, when an 0.2% increase was forecast. This is bearish for USDJPY. However the current setup is bullish for the pair.
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