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USD JPY Technical Analysis - USD JPY Trading: 2023-10-02
USD/JPY Technical Analysis Summary
Above 149.81
Buy Stop
Below 147.31
Stop Loss
| Indicator | Signal |
| RSI | Sell |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
USD/JPY Chart Analysis
USD/JPY Technical Analysis
The USDJPY technical analysis of the price chart on daily timeframe shows USDJPY,Daily is rising above the 200-period moving average MA(200) which is rising itself. RSI index is on the verge of entering overbought zone. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 149.81. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 147.31. After placing the order, the stop loss is to be moved to the next fractal low 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 Tankan manufacturing index continued to rise in Q3. Will the USDJPY price rebound reverse?
Japan’s Tankan manufacturing index continued rising in third quarter: the Bank of Japan reported the results of Tankan survey indicate manufacturing index rose to 9 for Q3 from 5 in Q2, when an increase to 6 was expected. Readings above 0.0 indicate improving conditions, below indicate worsening conditions. This is bearish for USDJPY. The au Jibun Bank at the same time reported that its headline au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) fell to 48.5 in September from 49.6 in August. Readings above 50.0 indicates sector expansion, below indicate contraction. The deterioration in the sector activity is the steepest since February. New work decreased for the fourth month and at the sharpest rate for seven months due to weak domestic and global economic conditions. This is bullish for USDJPY. Current conditions are bullish for the pair.
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