Analysis for USD/JPY on November 8, 2022
On the forex market there is a consolidation. USD/JPY on Tuesday remains inside a narrow price range near the level of 146.70.
Today the Bank of Japan has released the so-called Summary of Opinions - a survey among high-ranking officials of the regulator on the prospects for various areas of the economy. Almost all respondents noted a positive trend. This suggests that the Bank of Japan is unlikely to change the course of monetary policy and will keep rates in the negative range.
In the U.S., the midterm election votes will be counted today. Most political analysts are predicting a victory for the Republicans.
Tomorrow the inflation report will be released in the United States. On the eve of such two important events the activity in the market is low. The technical indicators are still declining, but the Alligator averages are beginning to cross and the awesome oscillator histogram may change from positive to negative soon.
Should the pair consolidate above 148.25 we return to buying with Take Profit at 151.00. Stop loss is set at 147.00.
If the price goes below support at 145.00, we form short positions with a target at 141.50. In this case, the stop-loss is set at 147.00.