Chương 44 USDJPY in uptrend
18/06/2023
Summary
The Interest Rate in the USD and Japan leads the market
Fundamental analysis
Fundamentally in this pair, We see the data released last few days in the USA the interest rate with no change at 5,25% Mr Paul the head of the Federal Bank Reserve said they might keep increasing the rate by 0.50 points more this year this makes the USD keep it strength on the other hand japan central bank keep the monetary policy unchanged with negative Interest Rate at -0.1% this will keep the JPY weak.
U.S. FOMC Interest Rate Cap (IOER）
Prev.: 5.25%
Act.: 5.25%
Japan Benchmark Interest Rate
Prev.: -0.1%
Act.: -0.1%
Technical analysis
In this 1-hour diagram chart, the market price now is 141.777, we expect the market to move down to the previous demand zone at 142.000 to create new higher lows and from there the price with turn back up to the oldest supply zone at 142.700 creating new higher highs with the 20-moving average pointing down.
Trading Recommendation
Trading Direction: Long
Entry Price: 140.595
Target Price: 142.575
Stop Loss: 139.602
