Thurs 1st December 2022

Today, Our Daily Currency Strength Weakness Video will focus on:

  • USDJPY
  • CADJPY

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

USDJPY- Breaks Through Key Levels

In today’s currency strength video we will be looking at USDJPY as the currency strength indicator highlights the JPY is S2 on both tables and the USD is W1 on both tables.

Yesterday the Federal Reserve Chairman announced that the Fed will slow down the pace of tightening which was seen negatively by the market with the USD remains weak. 

The price of USDJPY closed bearish on the monthly time frame after finding the highs at the 150.00 handle. 

Technical Observations

  • The USD is W1 on both traders tables and the JPY is S2 on both trend tables.
  • Price has traded through the daily trendline support and a close below would confirm a break.
  • If the price closes below the trendline the market could head towards the daily 200 m0ving average. 
  • If the moving average gives way the support below of 131.50 could be the next target for traders short. 
  • The 4hr time frame shows a bearish trend forming which could offer opportunities on a retest of previous lows.

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