During the Asian trading session, the US Dollar (USD) strengthened against the Japanese Yen (JPY), reaching levels above 148.000.

In terms more familiar to everyday investors, this means that if you were trading in the forex market, you would need more Japanese Yen to buy one US Dollar, indicating a rise in the value of the Dollar against the Yen.

Today, Japan doesn’t have any significant economic reports scheduled for release. However, in the United States, the Producer Price Index (PPI) data exceeded expectations. This positive economic news contributed to the strengthening of the USD/JPY currency pair.

For those trading in the forex market, this movement presents an opportunity to potentially profit from the exchange rate fluctuations between the US Dollar and the Japanese Yen. Investors who anticipated the USD’s rise against the JPY could have opened buy positions in the USD/JPY pair, aiming to capitalize on the upward trend.

Technical analysis

Dollar - Japanese Yen Analysis Analysis Technical analysis 15/03/2024

Time Frame: 1 hour

USDJPY Support & Resistance Table – 15/03/2024

Support & ResistanceLevelExplanation
Resistance 2148.97Daily R2
Resistance 1148.64Daily R1
Support 1147.74Daily S1
Support 2147.41Daily S2

USDJPY Indicator Table – 15/03/2024

IndicatorSignal
SMA 20Buy
SMA 50Buy
SMA 100Sell
MACD( 12;26;9)Neutral
RSI (14)Sell
Stochastic ( 9;6;3)Sell

USDJPY Indicator / Period Table – 15/03/2024

Indicator / PeriodDay – SellWeek – SellMonth – Buy
MACD( 12;26;9)NeutralBuyBuy
RSI (14)SellNeutralBuy
SMA 20BuySellBuy

USDJPY 15/03/2024 – Reference Price : 148.07

SELLSimple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (0)Sell (2)

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