USDJPY Market Analysis – October-9-2023
FxNews – The USDJPY currency pair, which represents the US Dollar against the Japanese Yen, is showing some interesting movements in today’s USDJPY market analysis. It’s currently bouncing back from the top edge of a downward trend channel. This is happening within a pattern known as the Ichimoku Cloud, which usually indicates a period of sideways movement or “flat” market.
The USDJPY market analysis suggests that we might see the price touch the bottom edge of this Cloud around 148.30 before it starts to climb again, potentially reaching as high as 151.05. A good sign that this upward movement is happening would be if the price bounces off the bottom edge of an upward trend channel.
However, this prediction could be proven wrong if the price breaks through the bottom edge of the Cloud and settles below 148.3. If that happens, it could mean that the price will continue to drop, possibly down to 147.20.
On the other hand, if the price breaks through the top edge of a downward trend channel and settles above 149.75, it would confirm that an upward trend is indeed underway. So, in this USDJPY market analysis, there are several key levels to watch for signs of where the USDJPY might be headed next.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.