FX.co ★ IgniteTrade | USD/JPY

USDJPY H1 Chart Analysis: The USD/JPY pair reached Loy-159.765 on the average price for the day after breaking through the downward trend line from top to bottom and reaching the lower border of the downward oblique level previously indicated by the TF-H1 downtrend channel. We have the top edge of the channel as a result of crossing the average price high point of 160.065 and striving to achieve the resistance zone of 160.265-160.415 as the first upper target. The yen typically serves as a refuge currency due to its negative interest rates, but during these periods, capital can move anywhere, even precious metals, while the yen, as they say, rules. The Federal Reserve will convene an extraordinary meeting today at 20:30. This meeting is not scheduled and is likely to be volatile. It should be mentioned that additional rate tightening will have a detrimental effect on the fund, which will lead to future increases in the value of the yen. He declined to deal with the yen since it contained a lot of unintelligible information, primarily because he anticipated some issues. Therefore, I would be open to considering more purchases if we stay close to 143 in the future, as I still think the targets are high. The ideal moment to trade from the boundaries of a price channel is when the market is moving smoothly sideways and lacks a distinct trend. When trading in this manner, your potential profit is limited by the divergence lines on the MACD indicator.