Wed, Mar 29, 2023 @ 16:51 GMT
HomeContributorsTechnical AnalysisUSD/JPY: Stuck Around 110.75

USD/JPY: Stuck Around 110.75

‘The foreign exchange market’s main focus remains whether or not Trump can carry out his policies, and whether the U.S. economy will stay strong enough for the Fed to stick to the path of rate hikes.’ – Sony Financial Holdings (based on Business Recorder)

Pair’s Outlook

The USD/JPY currency pair weakened for the fourth time in a row yesterday, unable to maintain trade in the green zone. According to technical studies, another leg down should take place, however, that might not be the case. The weekly S1 is providing immediate support at 110.27, while the 110.50 level is providing additional psychological support, which altogether could help the Greenback to post a mild recovery. Nevertheless, gains are unlikely to exceed 50 pips, as the weekly PP represents the upper border at 111.23. The pair is expected to remain within this trading range, namely between the weekly S1 and PP.

Traders’ Sentiment

Although not as strong as yesterday, but market sentiment remains bullish at 67%. The portion of sell orders surged from 37 to 66%.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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