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USDJPY: medium-term buys of the pair.

USDJPY: medium-term buys of the pair. | 08 November 2023

08 November 2023, USD/JPY

• Long-term trend: goes long. The maximum accumulation of volumes of the current contract is located in the range, of quotations 149.400-149.900. At the moment, the pair is trading higher, indicating the strength of buyers.

• Medium-term trend: goes long. The maximum accumulation of volumes of medium-term trend is located in the range, of quotations 149.500-149.900 and 150.700-151.000. Currently, the pair is trading within the specified range, indicating a temporary uncertainty.

• 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 31.10.2023.

• Quotation of the higher boundary of the zone 1/4-150.379.

• Quotation of the higher boundary of the zone 1/2–149.227.

• Intraday objectives: update the highs from 31.10.2023-151.550.

• Medium-term objectives: test the lower bound of GWCZ –154.099.

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

• Buy: 149.227-150.379, Take Profit 1-151.550, Take Profit 2-154.099.

• WCZ (weekly control zone)

• GWCZ (golden weekly control zone)

• SWCZ (silver weekly control zone)

James Hoggarth
Analyst of FreshForex
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