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Home ANALYSIS

USDJPY retests the earlier high and also a swing level at 116.188

A.R Chowdhury by A.R Chowdhury
March 10, 2022
Reading Time: 4 mins read
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USDJPY retests the earlier high and also a swing level at 116.188

USDJPY

USDJPY on the 4-hour chart

Looking at the 4-hour chart of the  USDJPY 
USD/JPY

The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen.  The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting in an extremely liquid pair, and very tight spreads, often staying within the 0 pip to 2 pip spread range on most forex brokers. Although the range of the USD/JPY isn’t traditionally particularly high, the lack of large price action often associated with other JPY pairs does make it easier to trade.This is especially true for short-term traders, although without offering a great pip potential. Even though the USD/JPY is the world’s second most traded pair, it’s not as popular as one might think with regards to retail traders.The pair carries a reputation as “boring”, although this isn’t an entirely accurate reflection. Trading the USD/JPYThe JPY is highly regarded as a safe haven currency, with investors often increasing their exposure following periods of uncertainty or market-induced fallouts.As both the US and Japan are highly developed economies, there are several key factors affecting the value of either currencies. This includes a range of economic indicators such as gross domestic product (GDP) growth, inflation, interest rates and unemployment data. Monetary policy by the US Federal Reserve and Bank of Japan are also large determinants in the value of each currency.

The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen.  The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting in an extremely liquid pair, and very tight spreads, often staying within the 0 pip to 2 pip spread range on most forex brokers. Although the range of the USD/JPY isn’t traditionally particularly high, the lack of large price action often associated with other JPY pairs does make it easier to trade.This is especially true for short-term traders, although without offering a great pip potential. Even though the USD/JPY is the world’s second most traded pair, it’s not as popular as one might think with regards to retail traders.The pair carries a reputation as “boring”, although this isn’t an entirely accurate reflection. Trading the USD/JPYThe JPY is highly regarded as a safe haven currency, with investors often increasing their exposure following periods of uncertainty or market-induced fallouts.As both the US and Japan are highly developed economies, there are several key factors affecting the value of either currencies. This includes a range of economic indicators such as gross domestic product (GDP) growth, inflation, interest rates and unemployment data. Monetary policy by the US Federal Reserve and Bank of Japan are also large determinants in the value of each currency.
Read this Term
above, the pair is currently retesting the high price from earlier in the day near 116.18. That is also near swing highs going back to early January and early February at the same level.

The 116.188 level is a lower high ahead of the extreme highs from 2022 which came in at 116.33 area. There is a double top at that double top from January 4 and February 10.

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If the price is able to extend above 116.188, that double top at 116.33 becomes the next hurdle to get to and through.

Hold resistance here and a rotation back to the downside can be expected.

Looking at the hourly chart, the area between 115.786 and 115.867 stalled the falls today in the Asian and London morning session. That area will continue to be a support level going forward. If broken, however, the short term bearish bias would increase with traders looking toward 115.685 (swing level), 115.597 (broken 61.8% retracement), and the rising 100 hour moving average (blue line) at 115.53 as downside targets.

The 200 hour moving average (green line) is at 115.409.

On Monday and Tuesday, the price used both the 200 and 100 hour moving averages as support. The price launched off of those levels on its way to the highs reached today (see blue and green lines in the chart below).

USDJPY

USDJPY re-tests its high for the day and upper swing level
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A.R Chowdhury

A.R Chowdhury

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