Ultima Markets

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDJPY for NOV 26, 2024. 

USDJPY Key Takeaways 

• BOJ may raise interest rates in December: Since late October, the possibility of the Bank of Japan raising interest rates by 25 basis points in December has risen from negligible to about 54%. The Bank of Japan raised interest rates by 15 basis points in its July interest rate decision. The unexpected rate hike led to a rapid liquidation of global yen financing positions, and the yen fluctuated violently and appreciated by more than 1,300 points. 

• Federal Reserve meeting minutes: The Federal Reserve released the minutes of the November monetary policy meeting in the early hours of Thursday, which may show the discussion of decision makers on the potential economic impact of the results of the US election. 

USDJPY Technical Analysis 

USDJPY Daily Chart Insights 

(USDJPY Daily Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: The exchange rate and the indicator sent a downward signal of top divergence in mid-November. Although the exchange rate did not immediately start a downward trend, after nearly two weeks of volatility, the fast line once again crossed the slow line indicator. There is a probability of accelerated decline in USD/JPY today. 

• Price Action: The exchange rate opened lower yesterday, rose strongly during the Asian session, and finally filled the gap. It then fell, but due to the strong support below, no clear falling candle line was formed in the end. However, if the exchange rate falls below yesterday’s low, the target below will be 152.922 near the opening price of the previous order block (OB). 

USDJPY 1-hour Chart Analysis 

(USDJPY H1 Price Chart, Source: Ultima Markest MT4) 

• MA: The MA group falls in sequence according to the period, and each rebound of the exchange rate has not effectively broken through the rise. This suggests that the current downward trend is coming, and investors should give priority to the downward trading direction. 

• Price Action: After the USD/JPY fell below the price low last Thursday, the downward trend direction was basically clear. The subsequent rebound did not break through the high of November 22, and did not even break the downward trend line. From the perspective of price action, after the exchange rate fell below the market structure shift (MSS) today, the exchange rate may accelerate its decline. 

USDJPY Pivot Indicator 

(USDJPY M30 Price Chart, Source: Ultima Markets APP) 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 153.85, 

• Bullish Scenario: Bullish sentiment prevails above 153.85, first target 154.90, second target 155.20; 

• Bearish Outlook: In a bearish scenario below 153.85, first target 153.55, second target 153.20. 

Conclusion 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.