EDGE Chart of the Day – USDJPY (October 27th, 2023)

<div><p><div><h2 itemprop="headline">The USDJPY may be poised to <span>“</span>retrace<span>”</span> </h2><div><div></div></div></div><br />
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>The USDJPY hit a new high for 2023 and quickly reversed with some downside follow through today ahead of the weekend. A headline came out earlier about Japan’s CPI outlook for fiscal 2024 might be raised by the Bank of Japan next week (Nikkei news) and this, alongside some headlines out of the Middle East, may be driving traders out of JPY short positions.</p>
<p>This has created some technical damage for the pair. Divergent RSI on the daily chart has been haunting bulls, but now the RSI is pointing lower as the pair may be looking for a move back towards the 50dma. We had discussed on the <a href="https://www.youtube.com/watch?v=7TWd2U08SOM">Week Ahead video last week</a> that the inflation forecasts next week may be a catalyst for some JPY volatility.</p>
<p><img decoding="async" fetchpriority="high" class="alignnone size-full wp-image-10897" src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDJPY_2023-10-27_10-34-42.png" alt="" width="1517" height="839" srcset="https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDJPY_2023-10-27_10-34-42.png 1517w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDJPY_2023-10-27_10-34-42-400×221.png 400w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDJPY_2023-10-27_10-34-42-800×442.png 800w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDJPY_2023-10-27_10-34-42-768×425.png 768w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDJPY_2023-10-27_10-34-42-1500×830.png 1500w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDJPY_2023-10-27_10-34-42-705×390.png 705w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDJPY_2023-10-27_10-34-42-450×249.png 450w" sizes="(max-width: 1517px) 100vw, 1517px" /></p>
<p>Blake Morrow</p>
<p>Our EDGE <a href="https://www.forexanalytix.com/blog/category/technical-analysis/chart-of-the-day/">“Chart of the Day”</a> feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, <a href="https://traderfundingprogram.com/?ref=blake">click here to learn more</a>. Trade our money, take 75% of the gains and none of the risk.</p>
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</div></section></p></div><section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>Blake Morrow</p>
</div></section></p>
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<p>The post <a rel="nofollow" href="https://www.forexanalytix.com/blog/chart-of-the-day-oct-27th-2023/">EDGE Chart of the Day – USDJPY (October 27th, 2023)</a> appeared first on <a rel="nofollow" href="https://www.forexanalytix.com/blog">ForexAnalytix – Blog</a>.</p>