USD/JPY Technical Outlook
USD/JPY’s up trend extended to as high as 151.93 last week but retreated sharply, on Japan’s intervention. Considering bearish divergence condition in 4 hour MACD, a short term top should be formed. Initial bias is mildly on the downside this week for deeper decline. But downside should be contained by 38.2% retracement of 130.38 to 151.93 at 143.69 to bring rebound. For now, outlook will stay neutral for more consolidation as long as 151.39 resistance holds, even in case of recovery. In this article, we’ll detail USD/JPY Weekly Technical Forecast for Week 43, 2022.
The Bigger Picture
In the bigger picture, up trend from 101.18 is still in progress, as part of the whole up trend from 75.56 (2011 low). 147.68 (1998 high) was already met and there is no clearly sign of topping yet. In any case, break of 140.33 support is needed to be the first sign of medium term topping. Otherwise, further rise is in favor to next target at 160.16 (1990 high).
The Long Term
In the long term picture, rise from 101.18 is seen as part of the up trend from 75.56 (2011 low). Sustained break of 100% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 149.26, will pave the way to 138.2% projection at 168.47. This will remain the favored case as long as 130.38 support holds.
Follow the 3 simple steps below to start trading and making great profits from the Forex market:
- Open a live account with Instaforex Nigeria.
- Deposit Funds Into your account with as little as $10.
- Download our Metatrader 4 and start trading.
You can also CONTACT US if you encounter any problems while opening your live account or depositing funds into your account.
Disclaimer: All investments and trading in the stock market involve risk and is a personal decision. This article from Instaforex Nigeria is only meant to create and increase awareness about Forex trading.