Daily Analysis For USD/JPY   27-01-2023

Daily Analysis For USD/JPY 27-01-2023

USD/JPY Analysis
USD/JPY
Economic Events and Scenario for USD/JPY
Economic Events : -
GMTEventCurrency
03:35-(Japan) 3-Month Bill AuctionJPY
13:30-(United States) PCE Price Index MoMUSD
13:30-(United States) PCE Price Index YoYUSD
13:30-(United States) Personal Income MoMUSD
13:30-(United States) Personal Spending MoMUSD
15:00-(United States) Michigan Consumer SentimentUSD
15:00-(United States) Pending Home Sales MoMUSD
15:00-(United States) Pending Home Sales YoYUSD

Today's Scenario : - After an unsuccessful attempt to rebound, USD/JPY records slight losses around 130.00 as the Bank of Japan (BoJ) exhibits Yield Curve Control (YCC) early on Friday morning in Europe. From February 1, 2023, through February 1, 2028, the Japanese central bank offers financial firms five-year loans secured by collateral.

Buy Scenario : - On the contrary side, any strength over the psychological threshold of 130.00 can continue to face difficult opposition close to the top of the aforementioned triangle. The zone between 130.40 and 130.50, where the aforementioned barrier is now located, ought to now serve as a turning point. A sustained increase above might start a short-covering rally and push the USD/JPY pair up to the 131.00 level on its way to the post-BoJ swing high, which is located between 131.55 and 131.60. The negative bias will be countered by some follow-through purchasing, opening the door for more near-term appreciation, till we do not advise to buy USD/JPY.

Sell Scenario: - Technically speaking, during the past two weeks or so, the USD/JPY pair has been fluctuating between two converging trend lines, producing a symmetrical triangle on short-term charts. This represents the development of a bearish pennant and strengthens the belief that the USD/JPY pair is headed in the wrong direction given the recent steep slide from a three-decade high. A new breakdown will be confirmed by a convincing breach below the triangle support, which is now located between 128.60 and 128.50. Spot prices may then become susceptible to declining further below the 128.00 level and testing the multi-month bottom, which was reached last week, around the 127.20 region. Till we do not advise to sell USD/JPY.

Support and Resistance Level : -
SupportResistance
S1 139.45-R1 145.00
S2 138.48-R2 146.23
S3 136.06-R3 147.67

Discussion

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