NEWS: The USDJPY is falling -1.3%. The risk of a rate hike for Japan and recent rounds of suspected currency intervention have speculators rushing to close what had been profitable trades funded in yen.
Possible Scenarios:
If USDJPY fails to breach through S1 of 153.82, our Research Department expects the USDJPY to undergo a short- term upward correction.
If USDJPY manages to break below its S1 of 153.82, our Research Department expects the USDJPY to extend its losses to its S2 of 153.29
Support and Resistance Levels:
USDJPY |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
152.76 |
153.29 |
153.82 |
154.52 |
155.22 |
155.75 |
156.28 |
Potential Profit or Potential Loss Calculations:
10 pips per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $64.85 |
(+/-) €59.78 |
(+/-) £50.21 |
*1 trading lot is equivalent of 100.000 units
**EUR/USD= 1.08484
***GBP/USD= 1.29173
Calculations for exchange rate used as of Wednesday, July 24, 2024, 14:00: AM