How To Make Money Today: Daily Market Analysis and Forex Trading Signals 5 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 H4 timeframe, prices have approached a strong resistance. We see the potential for a dip from our 1st resistance at 122.820 in line with 38.2% Fibonacci retracement towards our 1st support at 121.338 which is an area of Fibonacci confluences. RSI is at a level where dips previously occurred, further supporting our bearish bias.
Areas of consideration:
- H4 time frame, 1st resistance at 122.820
- H4 time frame, 1st support at 121.338
In Tokyo, the USD/JPY has lost its footing, falling quickly.
- In Tokyo, the USD/JPY is under pressure as the dollar loses its hold.
- While markets await the FOMC minutes, traders are keeping an eye on BoJ remarks.
USD/JPY declined from a high of 122.85 to a session low of 122.37 in Tokyo’s first hour. The governor of the Bank of Japan is giving a speech to Parliament, which might cause some yen volatility.
“We will offer to purchase an unlimited number of 10-year JGBs if the increase in long-term interest rates is fast,” stated Bank of Japan governor Haruhiko Kuroda, adding it may not be the ultimate choice. He also said that if confidence in fiscal policy is lost, yields would increase.
On Tuesday, Bank of Japan Governor Haruhiko Kuroda cautioned that a projected increase in inflation might damage Japan’s economy by dragging on family income and corporate profit.
“We will patiently sustain robust monetary easing to help an economy still recuperating from the effects of the COVID-19 epidemic,” he said in a semi-annual testimony to parliament.
Despite the 10-year JGB dropping dramatically, the USD/JPY was considerably lower, but it has now begun to rebound from a low of 122.37 to 122.63 at the time of writing.
In the meanwhile, the US dollar was mixed against the G10, losing ground against commodity-linked currencies but gaining momentum against others. On Tuesday, US bond rates were mixed, with the yield curve modestly steepening as the market stabilised after a day of little news. The yield on two-year government bonds declined from 2.47 percent to 2.40 percent, while the yield on ten-year government bonds fluctuated but finished slightly higher at 2.40 percent.
The minutes of the FOMC meeting are expected this week, and markets are anticipating them. At the March meeting, Fed policymakers started the process of policy normalisation by raising rates 25 basis points to 0.25 percent -0.50 percent.
“In its policy advice, the FOMC pulls no punches, with Chair Powell implying that further information on QT plans would be released in the minutes” (possibly including caps details). TD Securities analysts said, “We continue to anticipate a formal QT announcement at the May FOMC meeting.”
USD/JPY
| OVERVIEW | |
|---|---|
| Today last price | 122.61 |
| Today Daily Change | -0.18 |
| Today Daily Change % | -0.15 |
| Today daily open | 122.79 |
| TRENDS | |
|---|---|
| Daily SMA20 | 119.96 |
| Daily SMA50 | 117.07 |
| Daily SMA100 | 115.7 |
| Daily SMA200 | 113.42 |
| LEVELS | |
|---|---|
| Previous Daily High | 122.96 |
| Previous Daily Low | 122.26 |
| Previous Weekly High | 125.1 |
| Previous Weekly Low | 121.28 |
| Previous Monthly High | 125.1 |
| Previous Monthly Low | 114.65 |
| Daily Fibonacci 38.2% | 122.7 |
| Daily Fibonacci 61.8% | 122.53 |
| Daily Pivot Point S1 | 122.38 |
| Daily Pivot Point S2 | 121.98 |
| Daily Pivot Point S3 | 121.69 |
| Daily Pivot Point R1 | 123.08 |
| Daily Pivot Point R2 | 123.37 |
| Daily Pivot Point R3 | 123.77 |
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