[2023/02/09]Today’s Market Analysis [USD/JPY, SP500 Forecast]

Market Analysis
tradersnavi

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)

This blog provides market commentary on USD/JPY and SP500 for beginner traders using moving averages and trend lines. I would be happy to help traders who are just starting to trade and don’t know how to analyze charts. If you have any questions, please feel free to comment or direct message me on tiktok or instagram♪

So without further ado, let’s begin the market commentary!

USD/JPY

Weekly Chart

USD/JPY Weekly chart

The descending channel, which can be seen on the weekly chart, has been broken above, but the 20-week moving average is just above the candlestick and appears to be restraining the upside. There is no need to dare to take a position at this time.

Daily Chart

USD/JPY Daily chart

The lower price is supported by the 20-day moving average. There is no need to dare to enter the market, but if you do, you may enter the market with a “buy” entry after the price drops to around 130 yen.

4 Hourly Chart

USD/JPY 4 Hourly chart

A range is forming within the 130.5-132.0 yen range, and as there is no sense of direction even when viewed at the 4-hourly level, it is best to refrain from entering the market.

SP500

Weekly Chart

SP500 Weekly chart

Since the summer of 2022, the market has formed a range. However, the low of $3496.0 recorded last October has been rounded up, and it appears to be forming an uptrend. Since it is definitely a ‘buy’ in the long term, you may try to enter the market with a small number of lots if you can keep the margin maintenance ratio above 7,000%.

Daily Chart

SP500 Daily chart

Both highs and lows are cutting up and forming an uptrend. Although it may go lower in the medium term, we recommend a ‘buy’ entry with a stop-loss line near $3900.

4 Hourly Chart

SP500 4 Hourly chart

It is definitely in an uptrend, and since it is rising with the 400-hour moving average as support, you should ‘Averaging’ and increase your position even if it drops to the $4075 area.

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.

  • The system 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 hard-earned profits from trading, 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?

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