Yen Forms Doji, Signals Potential for Significant Volatility Today 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDJPY for DEC 3rd, 2024. 

USDJPY Key Takeaways 

• Statements by committee members: Fed Governor Waller expressed his preference for a rate cut in December, saying that this move could be both offensive and defensive, but he was also open to suspending rate cuts and expected that rate cuts would continue in the coming year; Atlanta Fed President Bostic was open to whether to cut interest rates in December, and employment data was the key to decision-making; New York Fed President Williams pointed out that it would be appropriate to continue to shift to a more neutral policy setting. 

• US ISM data: The US ISM manufacturing PMI in November was 48.4, the highest since June 2024. The monthly rate of US construction spending in October was 0.4%, the largest increase since April 2024. 

USDJPY Technical Analysis 

USDJPY Daily Chart Insights 

(USDJPY Daily Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: Last week, the indicator was about to send a bullish signal in the oversold area, but the slow line has not yet entered the oversold area, suggesting that the exchange rate is still likely to continue to fall after a short-term adjustment. 

• Price Action: After the USD/JPY price fell below the green 200-day MA, a doji bar was formed yesterday, which is a key signal. If it falls below yesterday’s low today, the exchange rate will clearly start a downward trend, otherwise the yen will continue to fluctuate for a while. 

USDJPY 1-hour Chart Analysis 

(USDJPY H1 Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: The indicator has broken through the 50 median line in succession, but the exchange rate has not shown a clear upward trend. Therefore, after a short-term adjustment, be alert to the indicator turning down. 

• Downward trend line: The exchange rate touched the red 33-period moving average during the Asian session, and the next target is the downward trend line. There is heavy resistance above, so the rebound of the exchange rate may be limited. 

USDJPY Pivot Indicator 

(USDJPY M30 Price Chart, Source: Ultima Markets APP) 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 149.05, 

• Bullish Scenario: Bullish sentiment prevails above 149.05, first target 150.35, second target 150.75; 

• Bearish Outlook: In a bearish scenario below 149.05, first target 148.60, second target 148.10. 

Conclusion 

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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.