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Home ANALYSIS

USDJPY tries to keep the selling pressure on the pair today, in up and down trading

A.R Chowdhury by A.R Chowdhury
March 31, 2022
Reading Time: 4 mins read
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USDJPY

USDJPY stays below its broken trendline but above 38.2%

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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
fell below its 100 hour moving average yesterday (blue line) and has been able to stay below that level since the break (on Tuesday it also fell below the level but failed on the break).

The subsequent move lower during yesterday’s trade, also dipped below a upward sloping trendline on the hourly chart above, but found support buyers against its 200 hour moving average (green line). The price settled yesterday between the 200 hour moving average below and the broken trendline above.

In trading today, the initial Asian move was to the upside, but sellers leaned against the underside of the broken trendline and ahead of the flattening 100 hour moving average (currently at 1.22635). Bearish.

The subsequent fall to the downside did see the price breach below its 200 hour moving average (green line), but the first dip stalled ahead of the low from yesterday at 1.2530 (the low reach 1.2533 today) and also the 38.2% retracement of the trend move up from the March 4 low at 121.101. Moving below the 38.2% retracement is the minimum retracement target if the sellers are to take more control. Absent that, and the correction is a plain-vanilla variety.

The current price is trying to break back below the 200 hour moving average for the second time (at 121.748). The same targets remain in play with the low from yesterday 121.30 and the 38.2% retracement 121.10 as the next key targets. If the price can stay below the 200 hour moving average, that would be the best case scenario for sellers looking for more downside. A move back above continues the battle between resistance above, and support below.

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A.R Chowdhury

A.R Chowdhury

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