USDJPY moves sideways on positive conditions
As the US presidential election is approaching, uncertainties will become the main focus of the market. Signs that former President Donald Trump's chances of winning the November election are increasing could contribute to the dollar's overall performance. can keep US interest rates high, thus increasing the appeal of the USD.
In the short term, the Bank of Japan's policy statement on October 31 is a notable factor in the near term for USD/JPY and the Bank of Japan's clear attitude towards the adjustment should be observed.
On the daily chart,
USDJPY continues to move sideways but in terms of the overall picture, the possibility of price increases still prevails.
The main uptrend is noted by the price channel with key support at EMA21, and as long as USD/JPY remains above EMA21 and within the price channel, it still has a technical upside prospect in the near term.
On the other hand, once USD/JPY breaks the confluence of the upper channel edge along with the 0.50% Fibonacci retracement level it will have room to continue rising with a target then around 151.866 in the short term, more than Fibonacci level 0.618%.
The relative strength index is flat above 50 but has not yet reached the overbought area, showing that there is still room for price growth ahead.
The general assessment, trend and outlook of USD/JPY is technically bullish and notable levels will be listed as follows.
Support: 149.364 – 148.823 – 148.113
Resistance: 150,739 – 151,866
In the short term, the Bank of Japan's policy statement on October 31 is a notable factor in the near term for USD/JPY and the Bank of Japan's clear attitude towards the adjustment should be observed.
On the daily chart,
USDJPY continues to move sideways but in terms of the overall picture, the possibility of price increases still prevails.The main uptrend is noted by the price channel with key support at EMA21, and as long as USD/JPY remains above EMA21 and within the price channel, it still has a technical upside prospect in the near term.
On the other hand, once USD/JPY breaks the confluence of the upper channel edge along with the 0.50% Fibonacci retracement level it will have room to continue rising with a target then around 151.866 in the short term, more than Fibonacci level 0.618%.
The relative strength index is flat above 50 but has not yet reached the overbought area, showing that there is still room for price growth ahead.
The general assessment, trend and outlook of USD/JPY is technically bullish and notable levels will be listed as follows.
Support: 149.364 – 148.823 – 148.113
Resistance: 150,739 – 151,866
Note
The threat of Japanese rhetoric increases as USD/JPY breaks above 150
"Threat of verbal intervention increases as USD/JPY breaks above 150." This certainly has something to do with today's trading session, with USD/JPY up more than 150 points since Monday's Asian hour low.
Note
USD/JPY appears to have found balance at the 153 mark. Yesterday, it hit a high of 153.88 during the Asian session and fell to 152.41 after entering New York tradingNote
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