empty
 
 
cn
支持
即时开户
交易平台
入金/出金

08.03.202313:40 Forex Analysis & Reviews: USD/JPY extends its growth as expected

The USD/JPY pair rallied as expected. I've talked about this scenario in yesterday's analysis. DXY's strong growth and Yen Futures' drop forced the pair to approach and reach new highs. It has climbed as much as 137.43 today where it has found resistance and supply again.

The Japanese Yen took the lead even if the Japanese economic data came in mixed today. Economy Watchers Sentiment and Bank Lending came in better than expected, while Current Account and Leading Indicators reported worse than expected data.

Later, the fundamentals should move the rate. The US ADP Non-Farm Employment Change and JOLTS Job Openings represent high-impact metrics. In addition, the BOC should have an impact as well.

USD/JPY Minor Retreat!

Exchange Rates 08.03.2023 analysis

Technically, after its strong growth, a temporary retreat is natural. The rate could come back to test and retest the immediate support levels before jumping higher again. You knew from my previous analysis that taking out the 136.91 static resistance may announce further growth.

It has reached the weekly R2 (137.90) and now it has turned to the downside. It has registered only a false breakout and now it could test and retest 137.10 and the median line (ml).

USD/JPY Outlook!

The current retreat is natural. Testing and retesting the 137.10 - 136.91 zone and the median line (ml), registering false breakdowns could announce that the retreat ended and that the buyers should take the lead. This scenario is seen as a new buying opportunity as the bias remains bullish. Also, a new higher high, a bullish closure above 137.91 is seen as a bullish signal.

In my opinion, only dropping and stabilizing below the weekly R1 of 136.85 invalidates the upside continuation.

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Ralph Shedler,
Analytical expert of InstaSpot
© 2007-2025
立即从分析师的建议受益
充值交易账户
开设交易账户

InstaSpot分析评论将让您充分了解市场趋势! 作为InstaSpot的客户,您将获得大量的免费服务以实现有效的交易。

现在无法通话?
提出您的问题,用 在线帮助.