For Traders

Analytical Reviews

Technical analysis

26.04.202405:28 Forex Analysis & Reviews: Trading Signals for USD/JPY for April 26-29, 2024: sell below 155.62 (21 SMA - overbought)

Relevance up to 23:00 2024-05-09 UTC--4

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USD/JPY is trading around 155.62, above 7/8 Murray, and within the bullish channel forming since April 15. In the H1 chart, we can see that the Japanese Yen is strongly overbought and it is likely that a technical correction will occur in the next few hours and USD/JPY could reach the bottom of this channel around 155.18.

A sharp break of this uptrend channel and a consolidation below 155.60 could change the course of the Yen. USD/JPY could reverse downwards.

A technical correction could be confirmed if USD/JPY falls below the psychological level of 155.00 and could reach the 200 EMA located at 154.62 and the 5/8 Murray at 153.90.

Given that the Japanese Yen has strong resistance at 156.25 (8/8 Murray) as long as it trades above 155.40, USD/JPY could continue its rise and hit this target. On the contrary, the trend would change below 155.20.

The eagle indicator is giving an overbought signal, so a technical correction is imminent in the coming days. Thus, we can sell below 155.62 (21 SMA).

Back to the list

Open trading account

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