empty
 
 
02.06.2023 03:05 PM
Trading Signal for USD/JPY for June 2-5, 2023: buy above 138.84 (21 SMA - bearish channel)

This image is no longer relevant

Early American session, the Japanese Yen is trading around 138.94 above the 21 SMA and within a downtrend channel formed since May 26.

In the next few hours, the US Non-Farm Payrolls data will be published and this data could generate strong volatility. Hence, the Japanese yen is expected to reach the resistance zone of 139.19. There is the 200 EMA which could offer strong resistance.

In case the Yen breaks and consolidates above 139.15, we could expect it to reach the 139.86 zone and finally, 6/8 Murray around 140.62.

On the contrary, in case the USD/JPY pair falls below the 21 SMA (138.84), we could expect a bearish acceleration and the instrument could reach 4/8 Murray at 137.15.

Our trading plan for the next works is to buy USD/JPY above the 21 SMA located at 138.84 with targets at 139.20 (top of the bearish channel). In case of a break, we might continue buying with targets at about 139.86. The eagle indicator is showing oversold signs which supports our bullish strategy.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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 $8000 more!
    In March we raffle $8000 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

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback