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20.11.2023 09:27 AM
Analysis and trading tips for USD/JPY on November 20

Analysis of transactions and tips for trading USD/JPY

The test of 150.51, coinciding with the downward movement of the MACD line from zero, prompted a sell signal that resulted in a price decrease of over 45 pips. Clearly, dollar continued to lose ground despite fairly good data on the US real estate market. This may hint that returning and a consolidation above 150 will be more difficult, especially amid the intervention of the Bank of Japan and the Fed's readiness to abandon further interest rate hikes.

Today, apart from the leading economic index for the US, nothing else important will come out, so expect the pressure on the pair to continue.

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For long positions:

Buy when the price hits 149.45 (green line on the chart) and take profit at 150.07. Growth will continue in line with an upward correction after a significant sell-off. However, when buying, ensure that the MACD line lies above zero or just starts to rise from it.

Also consider buying USD/JPY after two consecutive price tests of 148.90, but the MACD line should be in the oversold area as only by that will the market reverse to 149.45 and 150.07.

For short positions:

Sell when the price reaches 148.90 (red line on the chart) and take profit at 148.26. Pressure will increase in the absence of US statistics. However, when selling, ensure that the MACD line lies below zero or drops down from it.

Also consider selling USD/JPY after two consecutive price tests of 149.45, but the MACD line should be in the overbought area as only by that will the market reverse to 148.90 and 148.26.

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What's on the chart:

Thin green line - entry price at which you can buy USD/JPY

Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.

Thin red line - entry price at which you can sell USD/JPY

Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.

MACD line- it is important to be guided by overbought and oversold areas when entering the market

Important: Novice traders need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the release of news, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember that for successful trading, you need to have a clear trading plan. Spontaneous trading decision based on the current market situation is an inherently losing strategy for an intraday trader.

Jakub Novak,
الخبير التحليلي لدى شركة إنستافوركس
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