Thurs 24th November 2022

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

  • USDJPY

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

USDJPY- FOMC Dovish Tone Sinks USD

In today’s currency strength video we identified that USD is W1 on the both trader tables and the JPY is S3 on the trend traders table.

Yesterday the FOMC meeting minutes showed that the Fed are more than likely going to slow the pace of tightening in the December meeting.

This was combined with the lower than expected PMI data which added to the recent poor data out of the US. 

The JPY has returned to the strong side of the tables allowing us to look for JPY long ideas. 

USDJPY has recently rejected the highs of 152.00 seeing sellers step in driving price lower by over 1000 pips. 

Technical Observations

  • The USD is W1 on the both tables and the JPY is S2 on the trend traders tables.
  • The monthly time frame shows price rejecting the major 152.00 handle.
  • Weekly time frame shows the price in an upward trend but failing to find buyers at the previous highs of 139.00.
  • Daily time frame highlights the bullish channel being broken to the downside.
  • Price did find slight support at 139.00 but then failed at the 142.00 lows. 
  • A break of 139.00 could see a move to the higher time frame trendline support around 137.00.
  • Day traders could watch for a breakout of the hourly chart to the downside.

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