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26.02.202413:45 Forex Analysis & Reviews: Analysis and trading tips for USD/JPY on February 26 (US session)

Analysis of transactions and trading tips on USD/JPY

The test of 150.60, coinciding with the rise of the MACD line from zero, provoked a buy signal. However, a sharp price increase did not occur.

Data on US home sales will come out, and good indicators will boost dollar demand, leading to an increase in the pair, possibly beyond the yearly high. But if the figures disappoint, the pair will fall, as pressure will return to dollar.

Exchange Rates 26.02.2024 analysis

For long positions:

Buy when the price hits 150.70 (green line on the chart) and take profit at 151.20. Growth will occur in line with the upward trend.

When buying, ensure that the MACD line lies above zero or rises from it. Also consider buying USD/JPY after two consecutive price tests of 150.53, but the MACD line should be in the oversold area as only by that will the market reverse to 150.70 and 151.20.

For short positions:

Sell when the price reaches 150.53 (red line on the chart) and take profit at 150.17. Pressure will return in the case of an unsuccessful consolidation around the local high.

When selling, ensure that the MACD line lies below zero or drops down from it. Also consider selling USD/JPY after two consecutive price tests of 150.70, but the MACD line should be in the overbought area as only by that will the market reverse to 150.53 and 150.17.

Exchange Rates 26.02.2024 analysis

What's on the chart:

Thin green line - entry price at which you can buy USD/JPY

Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.

Thin red line - entry price at which you can sell USD/JPY

Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.

MACD line- it is important to be guided by overbought and oversold areas when entering the market

Important: Novice traders need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the release of news, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember that for successful trading, you need to have a clear trading plan. Spontaneous trading decision based on the current market situation is an inherently losing strategy for an intraday trader.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Jakub Novak,
Analytical expert of InstaSpot
© 2007-2024
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