[2023/02/06] Today’s Market Analysis [USD/JPY, SP500 Forecast]

Market Analysis

I'm Yoji, the owner of this blog|I'm 39 years old and live in Tokyo, Japan|I own a BMW 5 Series|I've been a trader for 8 years|I've been trading for 2 years and have made a profit|I mainly trade USD/JPY and Gold|I own Ethereum|Please feel free to ask me any questions about trading (I do not speak much English)



The current Bank of Japan Governor will finish his current term in April 2023. The appointment of the next Bank of Japan Governor is likely to have a significant impact on foreign exchange and the bond markets of various countries. There are three candidates for the next Bank of Japan governor.

  • Mr. Masayoshi Amemiya
  • Mr. Hiroshi Nakaso
  • Hirohide Yamaguchi

The candidates for the next Bank of Japan governor have been narrowed down to the above three. The reason why they are attracting so much attention is that they will have a significant impact on the yen exchange rate and the bond markets of each country. Let us be aware of the exchange rates if each candidate becomes the next Bank of Japan governor.

  • Masayoshi Amemiya: Weak Yen
  • Hiroshi Nakaso: Strong Yen
  • Hirohide Yamaguchi: Super strong yen

As the next Bank of Japan Governor is scheduled to be nominated during February 2023, watch for sharp price movements in Japan time and trade accordingly. And now, as always, we begin chart commentary!

Weekly Chart

The major trend is falling with lower highs and lows. However, it is rising against the 100-week moving average. Long-term traders may try to scale up.

Daily Chart

The dollar had been hovering below the 20-day moving average, but the dollar rallied sharply after news of the Bank of Japan governor’s appointment was reported. The downward parallel channel also broke above. However, the 100- and 200-day moving averages are directly above, and it is better to trade to see if the market can break through these lines.

4 Hourly Chart

The price has broken above the descending parallel channel and is approaching the 800-hour moving average. The lows appear to be cutting up, so short-term traders should ‘buy’ if the price breaks above the 800-hour moving average and consolidates. However, medium-term traders should scale up or wait and see.

S&P500 -US stock-

Weekly Chart

The price is in an upward parallel channel that has been in place since March 2020. It rebounded above the 200-week moving average last summer and is in an uptrend. Long-term traders are definitely recommended to ‘buy’.The price is in an upward parallel channel that has been in place since March 2020. It rebounded above the 200-week moving average last summer and is in an uptrend. Long-term traders are definitely recommended to ‘buy’.

Daily Chart

The price is also rising within the daily ascending parallel channel within the weekly ascending parallel channel; the price is consolidating above the 200-day moving average and the lows are cutting up, so even if there is a sharp drop in the short term, it is better to buy down and trade nonchalantly.

4 Hourly Chart

The short and medium-term moving averages have dead-crossed, and there is a possibility of a short-term decline. You may want to refrain from entering the market or try to enter with a lower lot size.

Analysis tools and reliable brokers

Finally, let me introduce you to the analysis tools and brokers I use. If you use a shady broker, you may not be able to withdraw the money you earn from your trades, and the commissions can be very high, so open an account with a broker you trust.

Chart Analysis Tools

Trading View is a chart analysis tool that can be used either browser-based or as an app.

  • It runs on a browser, so it can be used on PCs and smartphones, and charts can be synchronized.
    You can use it as if you were analyzing charts on the big screen of your home computer and checking price movements on the go. Since other chart analysis tools cannot be used across browsers or applications, is this feature a major advantage of using Trading View?
  • Can display charts for a variety of financial instruments.
    Financial markets are not formed by single financial instruments; each market influences the other and the price moves. Therefore, even currency traders need to check the U.S. bond market and the yen market. Therefore, there is no way to avoid using Trading View, which allows you to compare the price movements of various financial instruments.
  • Free of charge.
    Trading View can be used free of charge by simply registering (Basic only). (However, you can only display up to three indicators and one chart at a time, so use the Pro or Pro+ versions for $14.95/month. Trading View is a very good chart analysis tool, so we recommend that you consider the monthly fee as a necessary expense. Once you use it, you will not be able to use any other chart analysis tool.

Forex Brokers

Choosing a broker is a very important factor in financial trading. This is because you may be deprived of high commissions, or you may not be able to withdraw your hard-earned profits. To avoid this, choose a reliable broker that has a large number of users and has been in business for many years. In this blog, we recommend XM Grobal, the most reliable broker.

  • The largest FX provider with over 5 million users in 190 countries.
  • You can get bonuses when you open an account or deposit money into your account, and you can trade even with zero funds.
  • The zero-cut system, which is a system that allows the company to avoid taking on debt.

These are the advantages of using XM Grobal. To avoid losing your trading profits, please click here to open an account. It only takes about 3 minutes to open an account, so why not start trading immediately with the bonus on your deposit?