Daily Market Analytics - Forex

[FXOpen Trader]

USDJPY Technical Analysis – 31ST JAN, 2025
USDJPY – Near Horizontal Support

 
USDJPY was unable to continue its bearish momentum and after touching a low of 154.53 the prices started to correct upwards against the United States Dollar today in the US Trading session.
The prices are Near Horizontal Support in the 15-minutes timeframe.
We do see Bullish trend reversal: adaptative moving average 50 present in the 4-hourly timeframe.
Also, the Bullish price crossover with Moving Average 50 along with Bullish price crossover with adaptative moving average 20 can be seen in the 4-hourly timeframe.
The Aroon indicator bullish trend is present in the 4-hourly timeframe.
We do see Ichimoku: price is over the cloud along with Ichimoku - Bullish crossover: Tenkan & Kijun in the 4-hourly timeframe.
The Parabolic SAR indicator bullish reversal is present in the daily timeframe.
USDJPY is now trading above its 100-hour SMA and above its 200-hour SMA simple moving averages.
•    Yen Bullish reversal seen above the 154.53 mark.
•    Short-term range appears to be Bullish.
•    USDJPY continues to remain above the 155.50 levels.
•    Average true range ATR is indicating High market volatility.

The next resistance is located at 156.07 which is a Pivot Point 2nd Level Resistance.
USDJPY is now trading near to its Pivot levels of 155.63 and is moving into a Bullish channel.
The price of USDJPY remains near its Classic support levels of 154.99 and is now moving towards its next target of 156.29 which is a 50% Retracement From 4 Week High/Low.