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USDJPY: medium-term buys of the pair.

USDJPY: medium-term buys of the pair. | 07 February 2023

07 February 2023, USD/JPY

• Long-term trend: goes short. The maximum accumulation of volumes of the current contract is located in the range, of quotations 129.500-130.300. At the moment, the pair is trading higher, indicating the weakness of sellers.

• Medium-term trend: goes long. The maximum accumulation of volumes of medium-term trend is located in the range, of quotations 129.770-129.920 and 130.990-131.170. At the moment, the pair is trading higher, indicating the strength of buyers.

• The area of profitable prices for buy in terms of marginal cover is located between zones 1/4 and 1/2 constructed from the maximum 06.02.2023.

• Quotation of the higher boundary of the zone 1/4-131.600.

• Quotation of the higher boundary of the zone 1/2–130.336.

• Intraday objectives: update the highs from 06.02.2023-132.890.

• Medium-term objectives: test the lower bound of GWCZ –134.832.

• Trading recommendations: buys from the range of favorable prices in the formation of a reversal pattern.

• Buy: 130.336-131.600, Take Profit 1-132.890, Take Profit 2-134.832.

• WCZ (weekly control zone)

• GWCZ (golden weekly control zone)

• SWCZ (silver weekly control zone)

James Hoggarth
Analyst of FreshForex
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