Daily Analysis For USD/JPY 23-02-2023

Daily Analysis For USD/JPY 23-02-2023

USD/JPY Analysis
USD/JPY
Economic Events and Scenario for USD/JPY
Economic Events : -
GMTEventCurrency
13:30-(United States) GDP Price Index QoQUSD
13:30-(United States) GDP Growth Rate QoQUSD
13:30-(United States) Chicago Fed National Activity IndexUSD
13:30-(United States) Initial Jobless ClaimsUSD
13:30-(United States) Jobless Claims 4-week AverageUSD
13:30-(United States) Continuing Jobless ClaimsUSD
15:50-(United States) Fed Bostic SpeechUSD
16:00-(United States) EIA Crude Oil Stocks ChangeUSD
16:00-(United States) EIA Gasoline Stocks ChangeUSD
23:30-(Japan) Inflation Rate Ex-Food and Energy YoYJPY
23:30-(Japan) Inflation Rate MoMJPY
23:30-(Japan) Core Inflation Rate YoYJPY
23:30-(Japan) Inflation Rate YoYJPY
23:50-(Japan) Foreign Bond InvestmentJPY
23:50-(Japan) Stock Investment by ForeignersJPY
Today's Scenario : - During early Thursday, the USD/JPY pair reached a new intraday low near 134.70 as it recorded its first daily loss in five sessions heading into the European session. This price action confirms that the Yen pair remains under pressure and is currently trading inside a one-week-old rising wedge bearish chart formation.
Traders and investors will be closely monitoring the price movements of the USD/JPY pair, particularly if it breaks out of the bearish chart formation, as this could signal a potential trend reversal or a continuation of the current downtrend.
Therefore, it is important to keep an eye on key support and resistance levels as well as any fundamental factors that may impact the performance of the USD/JPY pair in the near future.
Buy Scenario : - During early Thursday, the USD/JPY pair reached a new intraday low near 134.70 as it recorded its first daily loss in five sessions heading into the European session. This price action confirms that the Yen pair remains under pressure and is currently trading inside a one-week-old rising wedge bearish chart formation.
Traders and investors will be closely monitoring the price movements of the USD/JPY pair, particularly if it breaks out of the bearish chart formation, as this could signal a potential trend reversal or a continuation of the current downtrend.
Therefore, it is important to keep an eye on key support and resistance levels as well as any fundamental factors that may impact the performance of the USD/JPY pair in the near future. Till we did not advise to buy in USD/JPY.
Sell Scenario: - During early Thursday, the USD/JPY pair reached a new intraday low near 134.70 as it recorded its first daily loss in five sessions heading into the European session. This price action confirms that the Yen pair remains under pressure and is currently trading inside a one-week-old rising wedge bearish chart formation.
Traders and investors will be closely monitoring the price movements of the USD/JPY pair, particularly if it breaks out of the bearish chart formation, as this could signal a potential trend reversal or a continuation of the current downtrend.
Therefore, it is important to keep an eye on key support and resistance levels as well as any fundamental factors that may impact the performance of the USD/JPY pair in the near future. Till we did not advise to sell the position in USD/JPY.
Support and Resistance Level : -
SupportResistance
S1 134.52-R1 135.21
S2 134.10-R2 135.48
S3 133.83-R3 135.91

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