How To Make Money Today: Daily Market Analysis and Forex Trading Signals 7 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 bounced off a pivot. We see the potential for further bullish continuation at 123.122 in line with 38.2% Fibonacci retracement towards our 1st resistance at 124.138 in line with 78.6% Fibonacci Projection. RSI is on bullish momentum, further supporting our bullish bias.
Areas of consideration:
- H4 time frame, 1st resistance at 124.138
- H4 time frame, 1st support at 123.122
The USD/JPY pair recovers some of its intraday losses and remains flat below the 124.00 barrier.
- On Thursday, drop buyers flocked to the USD/JPY at 123.45, but there was little follow-through.
- The safe-haven JPY benefited from the risk-off mindset and restricted gains amid falling US bond rates.
- The policy difference between the Fed and the Bank of Japan favours optimistic traders and enhances the possibility of further gains.
During the early European session, the USD/JPY pair regained its minor intraday losses and surged back closer to the day high, around the 123.75-123.80 zone.
After struggling to gain traction above the 124.00 round-figure level, the USD/JPY pair saw some selling on Thursday, owing to a number of reasons. In the context of a softer tone around the US dollar, the current cautious market attitude prompted some haven flows towards the Japanese yen, exerting some downward pressure on spot prices. Bearish traders were also influenced by falling US Treasury note rates, which helped to keep the recent USD rise to a nearly two-year high in check.
However, a number of variables combined to provide some support, allowing the USD/JPY pair to attract some dip-buying at the 123.45 level. Asahi Noguchi, a member of the Bank of Japan’s board of directors, said that the central bank must continue its ultra-easy monetary policy, even as increasing commodity prices are projected to raise inflation. On the other hand, the minutes of the March 15-16 FOMC policy meeting, published on Wednesday, revealed that policymakers were prepared to raise interest rates by 50 basis points at future sessions.
The minutes also revealed that the central bank’s huge balance sheet will be reduced at a maximum rate of $95 billion per month in order to tighten financial conditions. The resulting policy divergence between the Fed and the Bank of Japan could strengthen the USD/JPY pair’s chances for additional appreciation in the short term. Even from a technical standpoint, the current upward movement over the last week or two has been along an ascending channel, indicating a well-established short-term rally.
Sustained momentum over the 124.00 round-figure level would underline the bullish picture and enable the USD/JPY pair to extend its gains from the previous four trading sessions. Bulls may then try to break beyond the psychological barrier of 125.00, their highest level since August 2015, which they reached in March. Traders are now anticipating the release of the US Weekly Initial Jobless Claims report. This, together with US bond rates, will have an impact on the USD and provide some interesting trading possibilities.
Technical levels to watch
USD/JPY
| OVERVIEW | |
|---|---|
| Today last price | 123.81 |
| Today Daily Change | -0.02 |
| Today Daily Change % | -0.02 |
| Today daily open | 123.83 |
| TRENDS | |
|---|---|
| Daily SMA20 | 120.76 |
| Daily SMA50 | 117.45 |
| Daily SMA100 | 115.88 |
| Daily SMA200 | 113.55 |
| LEVELS | |
|---|---|
| Previous Daily High | 124.05 |
| Previous Daily Low | 123.46 |
| Previous Weekly High | 125.1 |
| Previous Weekly Low | 121.28 |
| Previous Monthly High | 125.1 |
| Previous Monthly Low | 114.65 |
| Daily Fibonacci 38.2% | 123.82 |
| Daily Fibonacci 61.8% | 123.68 |
| Daily Pivot Point S1 | 123.51 |
| Daily Pivot Point S2 | 123.18 |
| Daily Pivot Point S3 | 122.91 |
| Daily Pivot Point R1 | 124.11 |
| Daily Pivot Point R2 | 124.38 |
| Daily Pivot Point R3 | 124.7 |
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