USDJPY, Very good opportinity for the bulls.

5 Mar 2023

USDJPY / 1D

Dear Traders,

I warmly welcome you to this free and educational multi-timeframe technical analysis on USDJPY pair.
From a weekly viewpoint, in my opinion, USDJPY looks remarkably bullish. A Micro-Double-Bottom formation with a neckline break has been created, and the upward trend has already begun as seen from last month's close.
Everything appears to be pointing towards the onset of the next bull move, and I anticipated a continuation towards the upside on the 4H timeframe with last idea idea.

Currently, on the daily timeframe, we are experiencing a pull-back to the Broken resistnace that might turn into support. Therefore, I am patiently waiting for my Buy zone to be reached and will be looking on lower time frames for a good entry point in case I get my entry creteria validated.

Fundamentals: The present weakness observed in the dollar can be attributed to the remarks made by Bostic, a member of the Federal Reserve, regarding the potential for the central bank to suspend its policy of raising interest rates by mid to late summer. These comments, made towards the end of last week, are believed to have fueled the recent rally in the USDJPY. It is noteworthy, however, that the bond market - widely regarded as the most astute barometer of market sentiment - did not exhibit a substantial reaction to Bostic's statements. Thus, while Bostic's comments have had an impact on the currency market, their significance in the larger financial landscape remains subject to interpretation.

Thank you for joining me today, and I look forward to seeing you again with another market outlook! Also, kindly check out my previous analysis of USDCAD here:

Don't hesistae to ask any questions bellow. I make the time to answer them all.

Trade safely,
Trader Leo