FX.co ★ Hareen | USD/JPY

USDJPY 5-Minutes Analysis: The price movement analysis of the USD/JPY currency pair will be the focus of our discussion today. The market price and the MA pair are far off. Thus, we might see a reversal later today. If that occurs, let's try to get closer to the MA pair, which is presently at 161.737/162.127, and the middle Bollinger band. There, we'll watch to see if the price can rise beyond these three lines or if it will descend once more from one of them (though it may fall once more before reaching the middle ones). We will move closer to the upper Bollinger band, which is currently at 163.907 yen, if the cost increases above the upper MA during the upward advance. Selling on USDJPY is what I recommend. We will open at 159.537 during the H1 period. When the price gets near to the level of 160.197, we will close our position at a loss. The first half of the open position will be closed, followed by another half of the remaining lots and, finally, the remaining places. The most important factor is that the cost reached the Fibonacci objective of 161.8 after completing the growth cycle. That was probably caused by a bearish divergence on the CCI indicator, which was a strong signal for the downturn. The price broke the ascending support line throughout the decline, and after breaking the 160.917 level, which offered some upward movement, it approached the horizontal support level of 159.607. Growth will continue at that point, and a recovery should at the very least raise it to 160.947. The yen is breaking a three-week low on the CCI indicator, extending the previous week's downward break of the 21-DMA and the 61.8% Fibonacci retracement level from October 2022 to January 2023. It is noteworthy that the downward tilt is reinforced by MACD bearish signals.