empty
 
 
pt
Suporte
Abertura instanânea da conta
Plataforma de negociação
Depósito/Retirada

31.01.202217:34 Forex Analysis & Reviews: Trading signals for USD/JPY on January 31 - February 1, 2022: sell below 115.40 (diamond pattern - 8/8)

Exchange Rates 31.01.2022 analysis

After the strong rise of the last few days, the Japanese yen has formed a diamond pattern below the strong resistance of 8/8 Murray.

We should wait for a confirmation of a break below 115.40 and below 115.23, zone of 7/8 Murray, for a downward acceleration towards the 200 EMA located at 114.52.

On the other hand, to confirm a new bullish momentum and to be able to continue buying, we will need to confirm highs above 8/8 Murray located at 115.62, in which case we can think of the next target at +1/8 Murray at 116.01 and up to the high of 116.16.

The eagle indicator is approaching the overbought zone. The last 4-hour candlestick forming the diamond pattern is a sign that the Japanese yen's strength is running out. A correction is likely in the next few days towards 114.52.

Importantly, the US Fed indicated last Wednesday that it could raise interest rates at a faster pace than expected to contain soaring consumer inflation.

The government bond yield spread between the United States and Japan rose to its highest level since late February 2020, causing the yen to weaken towards the level of 116.00.

In the medium term, it is expected that the yen could extend its weakness and could reach the psychological level of 120.00 against the US dollar.

Of course, it is normal that there are certain corrections as the yen approaches this target. Therefore, a good opportunity to buy USD/JPY is to wait for a bounce off the 200 EMA around 114.52.

Our trading plan for the next hours to sell if USD/JPY consolidates below 114.40 and below 115.23 (1/8) with targets towards the bottom of the bullish channel and towards the 200 EMA around 114.52.

Support and Resistance Levels for January 31 - February 1, 2022

Resistance (3) 116.10

Resistance (2) 115.89

Resistance (1) 115.53

----------------------------

Support (1) 114.99

Support (2) 114.78

Support (3) 114.42

***********************************************************


Scenario

Timeframe H4

Recommendation: sell below

Entry Point 115.40

Take Profit 114.84 (6/8); 114.42 (200 EMA)

Stop Loss 115.76

Murray Levels 115.62 (8/8) 115.23 (7/8) 114.84 (6/8)

***************************************************************************

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Dimitrios Zappas,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Não pode falar agora?
Faça sua pergunta no chat.