FX.co ★ Jackroay | USD/JPY

#Usdjpy / Usdjpy / @ForexAnalysis The primary trend remains upward, especially as the USDJPY pair left a solid base at these recent highs and closed near the 153 level yesterday. The Bank of Japan's hawkish rhetoric has bolstered the yen, even in the face of negative nonfarm payroll data that temporarily weakened the dollar, which later rebounded significantly. Looking ahead to next week, with elections and a Fed meeting on the horizon, volatility is expected, and the price could move in either direction. I anticipate a rise above 153.85, but if a false breakout occurs, I would consider selling at that point. Usdjpy H1 Time Frame Technical Analysis: On Friday, the USDJPY pair ended the day with modest growth, despite an attempted decline that ultimately failed. The RSI is showing an upward trend, while the stochastic indicator is pointing down, creating a conflicting signal that warrants close observation on Monday. If the price continues to rise, it could reach the upper Bollinger band at 154.13, where a downward bounce is likely. Conversely, the price may also decline from the current level, potentially dropping below the upper moving average at 152.40. From there, we should monitor for movement toward the lower moving average and the middle Bollinger band at 150.64. It will be important to see whether the price breaks lower immediately or holds. If a decline does occur, it could target the lower Bollinger band, currently situated at 147.11. Good luck to everyone in their trading! I observed that sellers have struggled to push the USDJPY pair below the 1/4 margin zone of 152.08-152.25, which was established from the recent market high. Despite attempts to break through this zone during the U.S. unemployment news, sellers were unsuccessful, indicating strong buying interest. Buyers effectively defended this zone and quickly pushed the price back up after testing a nearby descending correction line. The breakout of the nearest support point on this line at the end of the day signals potential upward momentum. Moving into Monday, buyers' main objective will be to break the second descending correction line, which is now close to the current price. A buy opportunity for the yen could present itself after a successful test from below at 153.04, with the target for purchases being the resistance zone for this week at 153.61-153.88. This is my outlook for the yen for Monday.

Usdjpy Daily Time Frame Technical Analysis: In analyzing the USDJPY currency pair, the MACD indicator remains in the upper zone and is above its signal line, following a previous bullish divergence that led to significant upward movement. After breaking the horizontal resistance at 144.91, the price advanced, indicating the establishment of a bullish wave structure. The downward correction seen at the end of September can be identified as the second wave. Applying the Fibonacci grid reveals that the initial growth target of 161.8 has been met, and the price has since reached the 200 level, coinciding with a key technical resistance at 152.79. This level represents strong resistance, particularly since the Fibonacci targets have been fulfilled. The stochastic indicator is now leaving the overbought zone and displaying bearish divergence, suggesting an impending downward movement. Given the current market conditions and signs of potential correction across major currencies, buying at this stage seems unwise. The analysis indicates a focus on sell formations for intraday trading, as the upward potential appears limited and a pullback is expected after the robust gains in October, likely leading to profit-taking by larger players.