Ultima Markets

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDJPY for AUG 16, 2024. 

Key Takeaways 

• Carry trades are back: The yen has fallen more than 5% against the dollar since August 5, when a combination of hawkish monetary policy moves in Japan, concerns about U.S. earnings and a weak jobs report pushed the yen to a seven-month high. 

• Wait for the speech: Bank of Japan Governor Kazuo Ueda will speak to Congress on August 23, and yen carry trades may also become bolder if Fed Chairman Powell hits back at some traders’ bets that the Fed will cut interest rates by 50 basis points in September at the Jackson Hole meeting on the same day. 

Technical Analysis 

Daily Chart Insights 

• MACD: The energy column began to flatten and shrink, and the indicator sent a bullish signal below the 0 axis, suggesting that the short force has subsided and the exchange rate may clearly show a bullish trend. 

• Resistance Price: After a few days of consolidation in the fair value gap, the USD/JPY broke through the resistance yesterday, making it clear that the exchange rate may rise further. The next target is around 150.809, which is also around the red 33-day moving average. 

H1 Chart Insights 

• Stochastic Oscillator：The indicator sends a short signal in the overbought area, suggesting that the exchange rate will usher in a downward adjustment during the Asian session. Based on the bullish trend of the daily cycle, it is worth paying attention to the bullish signal that appears after the indicator leaves the overbought area. 

• Support Price: The upward channel line becomes the key resistance price of USD/JPY. If it continues to fall, it will look near the red 33-period and black 65-period moving averages. 

Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 148.50, 

• Bullish Scenario: Bullish sentiment prevails above 148.50, first target 149.60, second target 150.20; 

• Bearish Outlook: In a bearish scenario below 148.50, first target 148.00, second target 147.60. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

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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.  

Willy

Willly is a skilled and experienced market analyst who has been analyzing financial markets for over 5 years. He currently serves as a Market Analyst at Ultima Markets, a leading financial services company. Willy brings a wealth of expertise in fundamental and technical analysis, having previously worked as Head of Financial Market Analyst at GCMAsia. There, he oversaw the research department and developed educational materials to build clients' financial knowledge. He also collaborated cross-functionally to amplify sales and achieve business goals. Prior to that role, Willy gained valuable experience as a Financial Market Analyst at the same company. He generated daily and weekly reports, conducted market briefings, and provided trading strategies through webinars. Read his latest market analyses on the Ultima Markets News & Analysis.

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