Technical: USDJPY has broken above a downtrend resistance line after finding support at the 61.8% Fibonacci retracement level at 146.95. This breakout suggests the corrective phase may have ended, signaling potential for further upside. Pullbacks toward 149.70 (a retest of the broken trendline) present an attractive entry opportunity. Upside targets are 152.74 and 157.10 in the short to medium term. The setup is invalidated below 147.97, with a break below 146.33 negating further bullish expectations.
Fundamental: Commercial selling of the Japanese Yen and renewed dollar purchases indicate a shift favoring USD over JPY, supporting the bullish technical outlook.
Seasonal: Over the past 25 years, USDJPY has risen 76% of the time between March 25 – April 8, with an average gain of 1.04%.
Trade Idea:
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Fundamental: Commercial selling of the Japanese Yen and renewed dollar purchases indicate a shift favoring USD over JPY, supporting the bullish technical outlook.
Seasonal: Over the past 25 years, USDJPY has risen 76% of the time between March 25 – April 8, with an average gain of 1.04%.
Trade Idea:
- Entry: On pullbacks toward 149.70
- Stop Loss: 147.97 (or 146.33 for extended risk management)
- Targets: 152.74 and 157.10
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.