Technical analysis: Will the USD/JPY price retreating continue?

Dmitry Lukashov IFC Markets

USD/JPY technical analysis summary

Sell Stop: Below 112.67.
Stop Loss: Above 113.73.

Indicator	Signal
RSI	Neutral
MACD	Buy
Donchian Channel	Neutral
MA(200)	Sell
Fractals	Sell
Parabolic SAR	Sell

USD/JPY chart analysis

The technical analysis of the USDJPY price chart on 1-hour timeframe shows USDJPY: H1 is retracing down under the 200-period moving average MA(200) which is declining. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 112.67. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 113.73. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis of Forex - USD/JPY

Japan’s unemployment rate declined in October. Will the USDJPY price retreating continue?

Japan’s unemployment rate declined in October: the Statistics Bureau reported unemployment rate ticked down to 2.7% in October from 2.8% in September, when no change was forecast. This is bearish for USDJPY.

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Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

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