USD/JPY

USD/JPY: general review forecast, forex rate, March 23

Current trend

On Thursday, the US dollar strengthened against the yen amid the publication of labor market data favorable for the US economy: the number of Continuous Jobless Claims of March 8 was revised down to 1.750 million against 1.777 million. The number of Initial Jobless Claims of March 15 was also revised, and amounted to 221K against the previous value of 230K. The dollar was also supported by the Philadelphia Fed Manufacturing Index, which rose sharply from -4.1 to 13.7 points (with a forecast of 4.5 points).

Today, the pair is trading in both directions. Investors are focused on Japanese data on consumer prices and the Manufacturing PMI. The national consumer price index in February rose by 0.2%YoY after a similar increase in January. Analysts expected growth of up to 0.3% YoY. Excluding the price of fresh food, the index slowed down from 0.8% YoY to 0.7% YoY, while the forecast was 0.6% YoY. The Nikkei Manufacturing PMI in March remained at 48.9 points.

Support and resistance

On H4 chart, the instrument shows lateral movement, the pair is trading between the middle and lower borders of Bollinger Bands, the price range is expanded. MACD histogram is in the negative zone, the signal line is crossing its body from below, forming a strong signal for the opening of short orders.

Support levels: 110.78, 110.65, 110.53, 110.29, 109.98.

Resistance levels: 110.98, 111.15, 111.30, 111.45, 111.62, 111.89.

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Trading tips

Short positions may be opened from the current level with the target at 110.00 and stop loss at 111.00.

Long positions may be opened from 111.15 with the target at 111.89 and stop loss at 110.80.

Implementation period: 1-3 days.

 

Scenario

Timeframe Intraday
Recommendation SELL
Entry Point 110.54
Take Profit 110.00
Stop Loss 111.00
Key Levels 109.98, 110.29, 110.53, 110.65, 110.78, 110.98, 111.15, 111.30, 111.45, 111.62, 111.89

 

Alternative scenario

 

Recommendation BUY STOP
Entry Point 111.20
Take Profit 111.89
Stop Loss 110.80
Key Levels 109.98, 110.29, 110.53, 110.65, 110.78, 110.98, 111.15, 111.30, 111.45, 111.62, 111.89

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