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04.11.202406:52 Forex Analyse & Reviews: USD/JPY – Technical Analysis

USD/JPY

Exchange Rates 04.11.2024 analysis

Higher Time Frames

October has gone down in history as confirmation of the bullish intention to break out of the monthly bearish correction, during which the market reached and tested the final levels of the monthly Ichimoku cross (144.60 – 140.50). The advancement of the bulls on this section of the chart and the restoration of the uptrend (161.96) will be possible only if the pair can overcome the weekly Ichimoku dead cross. From there, the bulls may also complete and surpass the daily uptrend goal for breaking through the cloud (159.52 – 161.73). The last week of October was marked by testing the final level of the weekly cross (153.43).

The bears' activity could interfere with the realization of these bullish plans. However, the bears will need to show results. To negate the October outcome, they must overcome a series of supports across different timeframes, including daily (152.20 – 149.22 – 147.78 – 146.33), weekly (151.80 – 150.80 – 148.13 – 146.97 – 146.74), and monthly (150.78 – 148.69).

Exchange Rates 04.11.2024 analysis

H4 – H1

The week ended on the lower time frames, with the pair testing the weekly long-term trend (152.99). This trend provides the main advantage to its holder. The advantage is with the bears as long as the pair remains below this trend. The current targets for the bears are the H4 cloud (152.47 – 151.50) and the supports of the classic Pivot levels. If the bulls manage to secure a stable position above the weekly trend (152.99), the main advantage will shift to their side, and their attention during the day will turn to the resistances of the classic Pivot levels.

Updated classic Pivot level values for reference will be available when trading opens at the start of the new workweek.


Technical Analysis Components:

  • Higher Time Frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
  • H1 – Classic Pivot Points + 120-period Moving Average (weekly long-term trend)

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Evangelos Poulakis,
Analytical expert of InstaSpot
© 2007-2024
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