usd/jpy in the next 24h. Buy sell or neutral


Aime
USD/JPY is expected to be bullish in the next 24 hours. Here's the analysis to support this conclusion:
- Recent Performance and Market Sentiment: The USD/JPY pair has been showing strong bullish momentum, with a recent rally above 147.00 and a high of 146.731. The Japanese Yen is undermined by comments from Japan's Prime Minister and Governor of the Bank of Japan, indicating that Japan is not ready for additional rate hikes, which acts as a tailwind for the USD/JPY pair2.
- Key Resistance and Support Levels: The next resistance level for USD/JPY is at 149.39, followed by the 200-day moving average of 151.06. Support lies at 148.00, followed by the Senkou Span B at 147.78 and the bottom of the Ichimoku Cloud at 146.90-147.001. The pair is expected to test the top of the Ichimoku cloud after the recent jobs report added over 254K jobs to the workforce, underpinning US Treasury yields and lifting the exchange rate1.
- Technical Indicators: The Relative Strength Index (RSI) is bullish, aiming upwards, suggesting further upside is seen in the USD/JPY pair1. The Moving Average Convergence Divergence (MACD) indicator is also positive, indicating a potential upward trend momentum3.
- Market Expectations: The USD/JPY pair is poised to climb further, with bullish momentum signaling an extension potentially ahead. Alternatively, it may have completed a three-wave correction which could eventually roll over. A close below the 50-day Simple Moving Average (SMA) at 145.24 would probably indicate a resumption of the medium-term downtrend from the summer. Such a move would be expected to reach the wave B lows at around 141.723.
- Geopolitical Factors: Escalating Middle East tensions have driven the USD/JPY above 147.00, with buyers eyeing resistance at 147.25, followed by 147.78 and 148.00. A reversal could see USD/JPY testing support at the 50-DMA of 145.38, with further downside risk at 145.00 and 143.934.
In conclusion, the combination of strong bullish momentum, key resistance levels, positive technical indicators, and geopolitical factors all point to a bullish forecast for the USD/JPY pair in the next 24 hours.
Source:
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USD/JPY Price Forecast: Skyrockets and climbs above 148.00
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