How To Make Money Today: Daily Market Analysis and Forex Trading Signals 1 April 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis and the trading strategy to use today. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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USD/JPY:
On the weekly, prices have approached an all time high. We see the potential for a dip from our 1st resistance at 125.271 in line with 200% Fibonacci Projection towards our 1st support at 118.894 in line with 23.6% Fibonacci retracement. RSI is at levels where dips previously occurred. On the daily, prices are on strong bullish momentum. We see the potential for a bounce from our 1st support at 121.320 in line with 38.2% Fibonacci retracement towards our 1st resistance at 124.312 which is a swing high. On the H4 timeframe, prices have approached a strong resistance. We see the potential for a dip from our 1st resistance at 122.411 in line with 23.6% Fibonacci retracement towards our 1st support at 121.277 in line with 100% Fibonacci Projection. Prices are testing the ichimoku clouds, supporting our bearish bias.
Areas of consideration:
- H4 time frame, 1st resistance at 122.411
- H4 time frame, 1st support at 121.277
On a stronger DXY and the BOJ’s statements on increasing commodity prices, the USD/JPY rises to 122.60.
After a pullback at 121.30, the USD/JPY pair is substantially higher as the Bank of Japan (BOJ) expresses concern over increasing commodities prices. The Japanese yen has been battered by rising costs for basic metals, food, and energy as a result of Russia’s invasion of Ukraine. Japan, as a big commodity importer, is facing a severe danger of expanding its budget imbalance.
On a stronger DXY and the BOJ’s statements on increasing commodity prices, the USD/JPY rises to 122.60.
- Ahead of the US Nonfarm Payrolls, the USD/JPY has garnered bids at 122.60.
- The DXY is gaining as the chances of a Fed rate rise of 50 basis points increase.
- Officials from the Bank of Japan are wary about increasing commodity prices.
After a pullback at 121.30, the USD/JPY pair is substantially higher as the Bank of Japan (BOJ) expresses concern over increasing commodities prices. The Japanese yen has been battered by rising costs for basic metals, food, and energy as a result of Russia’s invasion of Ukraine. Japan, as a big commodity importer, is facing a severe danger of expanding its budget imbalance.
In recent trading sessions, the effect of increased commodity prices has been reflected in the yen. In March, the asset increased by over 8%. Mitsuhiro Furusawa, the head of currency intervention at Japan’s Ministry of Finance, expressed concern over the weakening yen, stating that the yen should not continue to fall since it represents Japan’s competitiveness.
In addition, the yen’s bids have diminished since the end of the bond-buying program. On Thursday, the aggressive purchase of Japanese Government Bonds (JGBs) to keep rates below 25 basis points came to an end.
Meanwhile, the US dollar index (DXY) has risen at 98.50, owing to growing possibilities of a Federal Reserve interest rate hike of 50 basis points (bps) (Fed). According to CME Group’s FedWatch tool, the chances of a half-point rate hike are 71 percent. Furthermore, the uncertainty surrounding the announcement of US Nonfarm Payrolls on Friday is boosting demand for the dollar.
USD/JPY
| OVERVIEW | |
|---|---|
| Today last price | 122.62 |
| Today Daily Change | 0.92 |
| Today Daily Change % | 0.76 |
| Today daily open | 121.7 |
| TRENDS | |
|---|---|
| Daily SMA20 | 119.2 |
| Daily SMA50 | 116.72 |
| Daily SMA100 | 115.52 |
| Daily SMA200 | 113.3 |
| LEVELS | |
|---|---|
| Previous Daily High | 122.46 |
| Previous Daily Low | 121.28 |
| Previous Weekly High | 122.44 |
| Previous Weekly Low | 119.1 |
| Previous Monthly High | 125.1 |
| Previous Monthly Low | 114.65 |
| Daily Fibonacci 38.2% | 121.73 |
| Daily Fibonacci 61.8% | 122.01 |
| Daily Pivot Point S1 | 121.17 |
| Daily Pivot Point S2 | 120.64 |
| Daily Pivot Point S3 | 120 |
| Daily Pivot Point R1 | 122.35 |
| Daily Pivot Point R2 | 122.99 |
| Daily Pivot Point R3 | 123.52 |
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