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Analysis and Education>Technical Analysis: USDJPY

Technical Analysis: USDJPY

03.10.2024

USDJPY rose more than 2%

On Wednesday, USDJPY rose more than 2% to 146.50, a new high since September 3.

US ADP data better than market expectations

According to data released by the US Automatic Data Processing Company, the US ADP employment in September recorded 143,000, rebounding after five consecutive months of slowing growth, exceeding the expected 120,000, and the previous value was revised from 99,000 to 103,000.

Japanese Prime Minister Shigeru Ishiba: It is not suitable for further interest rate hikes at present

On October 2, local time, after meeting with Bank of Japan Governor Kazuo Ueda, the new Japanese Prime Minister Shigeru Ishiba said that Japan currently has no environment for further interest rate hikes. He told Kazuo Ueda that the economy is expected to be sustainable while maintaining the current easing trend, and the economy will continue to move in the direction of overcoming deflation.

Technically speaking: USDJPY stabilized and rebounded

the Chart of the Day 

On the 4-hour chart, USDJPY stabilized and rebounded from a low level. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing USDJPY will rise further. Investors should focus on whether USDJPY will break through the resistance at 147.2. It will rise further with upper resistance at 149.3` if it breaks above the resistance at 147.2.

4-hour chart 

On the 4-hour chart, USDJPY stabilized and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether USDJPY will break through the support at 144.5. It will rise further if it retreats but is stable at 144.5.

Key resistance: 147.2,149.3

Key support: 144.5,143.0

Generally speaking, affected by multiple positive factors, USDJPY is more likely to rise further in the short term. Investors should focus on US economic data during the day.

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