empty
08.02.2023 03:28 PM
USDJPY analysis for February 8th, 2023.

This image is no longer relevant

Violet lines- Fibonacci retracements

Yellow rectangle- support area

Green lines- expected path

In our previous posts on USDJPY we warned of the potential pull back to close the gap it opened at the beginning of the week. Earlier today price closed the gap and from current levels or lower we expect a trend reversal. USDJPY has so far retraced 50% of the rise from the 128.10 lows. The yellow rectangle is support area and I expect price to reverse to the upside from inside it. Ideally we should see USDJPY retrace 61.8% of the entire rise from 128.10. Our most probable scenario suggests that USDJPY is in the process of forming a higher low and then starting a new upward move to push price towards 134-135.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forex forecast 04/06/2025: EUR/USD, GBP/USD, USD/CAD, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 12:05 2025-06-04 UTC+2

Forecast for GBP/USD on June 4, 2025

On the hourly chart, the GBP/USD pair showed no interest in movement on Tuesday. Throughout the day, bulls and bears launched weak attacks, none of which led to anything significant

Samir Klishi 10:05 2025-06-04 UTC+2

Technical Analysis of Intraday Price Movement of Silver Commodity Instrument, Wednesday June 04, 2025.

From what we can see on the 4-hour chart of the Silver commodity instrument, the Stochastic Oscillator indicator appears to be in Overbought condition so that in the near future

Arief Makmur 06:22 2025-06-04 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday June 04, 2025.

Although on the 4-hour chart AUD/JPY has the potential to be corrected to weaken, which is confirmed by the condition of the Stochastic Oscillator indicator which is in an Overbought

Arief Makmur 06:22 2025-06-04 UTC+2

EUR/USD Forecast for June 4, 2025

Yesterday's inflation data from the Eurozone slightly slowed the euro's growth amid a continued stock market rally (Dow Jones +0.51%). However, considering the market's growth amid several challenges—including China's

Laurie Bailey 05:21 2025-06-04 UTC+2

GBP/USD Forecast for June 4, 2025

Yesterday, as the US dollar index strengthened by 0.53%, the British pound fell by 27 pips. However, this decline could already be offset during today's Asian session, as yesterday's

Laurie Bailey 05:21 2025-06-04 UTC+2

AUD/USD Forecast for June 4, 2025

The Australian dollar's move toward the price channel line at 0.6548 was delayed yesterday due to a "glitch" in the US dollar's downtrend (the index strengthened by 0.53%), but overall

Laurie Bailey 05:21 2025-06-04 UTC+2

EUR/GBP Forecast for June 4, 2025

Yesterday, the euro sharply reversed down against the pound from the strong resistance level of 0.8448. At the same time, the Marlin oscillator on the daily timeframe also turned downward

Laurie Bailey 05:21 2025-06-04 UTC+2

EUR/USD. June 3rd. Waiting for EU Inflation Data

On Monday, the EUR/USD pair consolidated above the 1.1374–1.1380 zone and rose to the 76.4% retracement level at 1.1454. A rebound from this level worked in favor

Samir Klishi 11:06 2025-06-03 UTC+2

Forecast for GBP/USD on June 3, 2025

On the hourly chart, the GBP/USD pair on Monday consolidated above the 161.8% retracement level at 1.3520. Thus, the pound's upward movement may continue today and throughout the week toward

Samir Klishi 11:05 2025-06-03 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.