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It’s the USD Turn

Good morning Traders!

The Japanese Yen pairs continue to offer potential setups, and today it’s the USDJPY turn.

USDJPY

After a fast rise to the 152 area back in October 2022, the market has been pulling back into it’s Moving Averages on the Monthly chart. It is interesting to note, that despite the selling pressure, the market did not break the lows printed in May 2022, implying that buyers are back to defend their territory.

Each month since the January 2023 low, did not break the previous month low, given further weight to the buyers case. However, the level of the 138 area, has been proven to be a strong Resistance for the buyers, though from the previous touch back at the beginning of March, the market has printed a Higher Low on the Weekly chart.

This week brought the pair back into the vicinity of the 138 level again. With the market very overextended and with a strong resistance up ahead, I’ll be looking for either compression of price underneath this level, while the market works out the overextension. However, if the FED interest rates decision tonight, will see the market breaks and closes above this level, then I will be looking for a retracement setup.

Happy Trading!

Tamar Mehr

Tamar Mehr is a professional trader, neuropsychological trading mentor, FXGlobe Ambassador, and decision-making expert. She’s based in Brisbane, Australia.

Trading Advice Disclaimer:
Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

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APLFX (PTY) LTD acts solely as an intermediary in terms of the FAIS Act, rendering only an intermediary service (i.e., no market making is conducted by APLFX (PTY) LTD) in relation to derivative products offered by FS INTERNATIONAL LTD (i.e., the Product Supplier).

By proceeding with opening an account, this will be registered with FS INTERNATIONAL LTD, which is authorised and regulated by the Vanuatu Financial Services Commission (VFSC) with license number 700227. FS INTERNATIONAL LTD falls outside the South African regulatory framework and Vanuatu’s laws and regulations will apply in relation to your account.

APLFX (PTY) LTD is authorised by the Financial Sector Conduct Authority (FSCA) in South Africa as a Financial Service Provider (FSP) with authorisation number 52045.

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