empty
 
 
01.12.2023 05:02 PM
Trading Signals for USD/JPY for December 1-4, 2023: sell below 148.43 (2/8 Murray - overbought)

This image is no longer relevant

Early in the American session, the USD/JPY pair is trading around 148.43, above 21 SMA, and below the 200 EMA. On the H1 chart, we can see that the Japanese yen has encountered strong resistance around the 2/8 Murray and around the 200 EMA. Since November 28th, we see a downtrend channel. The instrument has tried to break on several occasions but has been unsuccessful.

Because USD/JPY is following a downtrend, in case it tries to surpass 148.43 in the next hours and fails to break it, this will be seen as a signal to sell and the price could fall towards 1/8 Murray at 147.75 and could even reach 0/8 Murray at 146.87.

On the other hand, in case the Japanese yen breaks above 148.50 and consolidates above this zone, we could expect a resumption of the bullish cycle and the Japanese yen could reach 3/8 Murray at 149.21 and even reach the psychological level of 150.00.

Since November 30, the JPY has been showing overbought levels. Therefore, a failed attempt to break 2/8 Murray could be seen as a signal to sell with the target at 146.87.

Our trading plan for the next hours is to sell below 148.43 with targets at 148.07, 147.65, and 146.87. The eagle indicator is giving a negative signal which supports our bearish strategy.

The market sentiment report shows that there are 24.95% of traders who are buying in USD/JPY and 75.05% who are selling. This could mean a bullish signal and in the short term, the Japanese yen could reach 150.00. But given the overbought conditions, we could expect a technical correction in the next few days and then we could resume buying.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback