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
Time Frame: 1 hour
USDJPY Support & Resistance Table – 15/03/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 148.97 | Daily R2 |
| Resistance 1 | 148.64 | Daily R1 |
| Support 1 | 147.74 | Daily S1 |
| Support 2 | 147.41 | Daily S2 |
USDJPY Indicator Table – 15/03/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Sell |
| MACD( 12;26;9) | Neutral |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
USDJPY Indicator / Period Table – 15/03/2024
| Indicator / Period | Day – Sell | Week – Sell | Month – Buy |
| MACD( 12;26;9) | Neutral | Buy | Buy |
| RSI (14) | Sell | Neutral | Buy |
| SMA 20 | Buy | Sell | Buy |
USDJPY 15/03/2024 – Reference Price : 148.07
| SELL | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (0)Sell (2) |
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