Intraday Forex Friday, March 25 (EURUSD, USDJPY, etc). Dollar advanced for the week, backed by hawkish remarks on Fed policymakers.


Hi everyone. This observation is made around 07:40 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Shares were mixed on Friday on bargain-hunting, with most stocks were headed for a weekly loss as the prospect of aggressive global rate hikes began to rattle investors.
Bonds languished, and the dollar looked set to ride higher yields to its best week in a month, backed by hawkish remarks from FOMC meeting and several Federal Reserve policymakers who are calling for a faster pace of interest rate increases to curb rapid inflation.

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  • The euro dropped 0.25% to a new one-month low of $1.08532 on Friday, hurt by new Western sanctions on Russia, and dragged down by uncertainty around the outcome of the French election.​
  • The pair headed for around 1.40% weekly losses.​
  • The European Union moving towards a ban on Russian coal set to take effect from August.​
  • Risk of a populist upset in French presidential elections has also sent jitters through markets, dragging on French debt and the euro ahead of the first round of voting on Sunday.​
  • Higher T-note yields meanwhile supported gains in the dollar after the 10-year T-note yield rose to a new 3-year high of 2.671%. As well as a new hawkish comments Thursday from St. Louis Fed President Bullard, along with better-than-expected U.S. economic data on weekly jobless claims and Feb consumer credit.​
  • Intraday bias in EUR/USD stays on the downside for retesting 1.0837 low first. Firm break there will resume larger down trend with next target is at 1.0772. On the upside, above 1.0957 minor resistance will mix up the outlook and bring recovery.​
Important Levels to Watch for Today:​
  • Resistance line of 1.09676 and 1.10328.​
  • Support line of 1.08372 and 1.07720.​

  • The dollar extended its gains against the Japanese yen, advanced 0.15% to last bought 124.082, hovering just below its highest in over a week at 124.227 touched earlier today and approaching last month near seven-year high of 125.090.​
  • USD/JPY rallied on the day as the higher T-note yields undercut the yen, boosted by hawkish FOMC minutes meeting, and other Fed’s officials’ comments.​
  • The stronger dollar, and an oil price easing with supplies being released from reserves, has redoubled pressure on the struggling yen. The Japanese yen is headed for around 1.20% losses for the week.​
  • It has somehow steadied this month after tumbling in March, though still remains under pressure as the U.S. raises interest rates and the Bank of Japan is intervening in the bond market to keep rates low.​
  • The USD/JPY pair shows more bullish bias to move and stays above 124.00 barrier now, reinforcing the expectations of continuing the bullish trend, and the way is open to head towards next waited target at 124.346. The EMA50 keeps supporting the suggested bullish wave, which will remain valid unless breaking 123.124 and holding below it.​
Important Levels to Watch for Today:​
  • Resistance line of 124.346 and 124.957.​
  • Support line of 123.124 and 122.513.​

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