USD/JPY Analysis: Attempts to Break the Uptrend – 06 November 2024
-- With Trump’s victory now confirmed, the USD/JPY pair is trading around 151.35, reflecting renewed strength for the
-- Markets anticipate that a Trump presidency could reduce the need for further easing by the
-- This outlook supports a bullish trend for the dollar and could increase
-- In contrast, there are no catalysts from
According to stock trading platforms,
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USD/JPY Technical Analysis and Expectations Today:
USD/JPY has been trending higher in the past few days, with higher lows connected by a bullish trend line that has held since late September. Technically, the price could be on the verge of testing this support area again soon. The Fibonacci retracement tool shows additional levels where buyers may be waiting. The 38.2% Fibonacci retracement level at 149.27 is near the trend line, then the 50% Fibonacci retracement level at 147.81 is near the dynamic support of the 200 SMA. The ascending retracement line could be the 61.8% Fibonacci retracement level at 146.35, as a break below this level could signal the start of a reversal.
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Meanwhile, the 100 SMA is above the 200 SMA to indicate that the stronger resistance path is upwards or that support is likely to hold rather than break. Clearly, the gap between the indicators appears to be widening to reflect strong upward pressures. If any of these indicators hold as support, USD/JPY could resume its climb to the high of 154.00 or higher. Stochastic is already rising from oversold territory to signal a revival of bullish pressures, and the oscillator has plenty of room to run before hitting overbought territory to signal exhaustion. The RSI has some room to slide before hitting oversold territory to signal exhaustion, so the correction may continue until that happens.
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Original Source DailyForex.com provides daily fundamental and technical analysis and signals for those looking to trade based on trends in the currency markets.
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