Ultima Markets

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDJPY for 28th February 2024. 

Key Takeaways 

• Expectation changes: The market expected an interest rate cut of more than 150 basis points for the year. However, following a recent speech from Fed officials, the market is currently expecting rate cut of not more than 75 basis points, in line with December’s dot plot.  
• Depreciation pressure on the yen: For the past few weeks, economic data from major economies have garnered positive sentiment. Optimism towards these economies has place a downward pressure on the Japanese Yen.  

Technical Analysis 

Daily Chart Insights 

• Stochastic oscillator: The indicator begin to form bearish signal in the overbought threshold, suggesting possible downward pressure ahead for short-term. For the time being, as the signal line has yet to leave the overbought region, we should be wary of the possible formation of divergene pattern.  
• Resistance area: The pair oscillate in a tight range to form a converging triangle. While the pair is skewed towards the upside in terms of price action, be wary of possible false breakout due to contradicting signal from the Stochastic Oscillator.  

1-hour Chart Analysis 

• Stochastic Oscillator: The indicator forms bearish signal in the overbought reigon, suggesting short-term downside bias.  
• Moving average resistance: Following a sharp plunge on Monday, the pair has temporarily recuperated its losses albeit short-lived at around 33 and 65-MA line (red and black respectively).  
• Resistance and support: Due to indeterminant of its trend as of recent, we would suggest waiting for a breakout from either side before entering the market.  

Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 150.30, 
• Bullish Scenario: Bullish sentiment prevails above 150.30, first target 150.60, second target 150.70; 
• Bearish Outlook: In a bearish scenario below 150.30, first target 150.15, second target 150.00. 

Conclusion 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Willy

Willly is a skilled and experienced market analyst who has been analyzing financial markets for over 5 years. He currently serves as a Market Analyst at Ultima Markets, a leading financial services company. Willy brings a wealth of expertise in fundamental and technical analysis, having previously worked as Head of Financial Market Analyst at GCMAsia. There, he oversaw the research department and developed educational materials to build clients' financial knowledge. He also collaborated cross-functionally to amplify sales and achieve business goals. Prior to that role, Willy gained valuable experience as a Financial Market Analyst at the same company. He generated daily and weekly reports, conducted market briefings, and provided trading strategies through webinars. Read his latest market analyses on the Ultima Markets News & Analysis.

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