What will the USD/JPY do this week?
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Good morning, everyone.
Last week the USD/JPY moved toward weaker yen due to Japan-U.S. policy rate holds, but it ended by dropping from the rise caused by the deterioration in the U.S. jobs data over the weekend.
The jobs data are of a doped nature, so we won’t see a continued decline from today to the year-end just based on that.
The issue of interest rates seems to have an impact, after all.
Also, Trump’s diplomacy and Japan’s political distrust may be factors.
To forecast the immediate USD/JPY on the 1-hour chart, it’s a question of whether it rises up to the point where the decline from the jobs data begins, or whether it drops below 14600 toward 14400.
For billion-trade users, monitor the 1-minute billion-trade chart & billion-trade line.
Today is Monday and after Friday’s movement, so don’t have too high expectations; I think you should watch how each stock market starts moving right after the opening.
There are no notable U.S. indicators this week.
It seems the market will follow the stock markets.
USD/JPY weekly chart
For the past 16 weeks, both the lows and highs have been gradually updating in a right-shoulder rising chart.
What’s concerning is that both ends have wicks, so chasing them could lead to failure.
An upward trend is present, but since there are reversals from the day’s high and low, it may be wise to monitor the chart.
Today, either trade after the high/low of Japan time is established, or, if trading in the morning, follow the direction of the high/low breakout right after the Tokyo Stock Exchange opens as a short-term scalp.
What I, as a trader, recommend are the following three products.
New Billionaire Trader Scalping - Volume Plus
FX Trading - Not Ordinary Hedging
Explosion Indicator - Transition to a Winning Trader
That's all.
Thank you for your continued support today as well.
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