Antony_NPBFX
NPBFX Representative (unconfirmed)
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USD/JPY: updating annual highs 31.03.2021
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.
Current trend
USD is showing solid gains against JPY, developing strong "bullish" momentum since March 24. The instrument is adding about 0.50% and is located not far from another strong resistance at 111.00, above which the pair rose a year ago. USD is strengthening across almost the entire market, responding to the renewed growth in US Treasury yields and awaiting a new plan to change infrastructure spending in the US from President Joe Biden.
Today's macroeconomic statistics from Japan turned out to be rather depressing. Industrial Production in February decreased by 2.1% MoM after an increase by 4.3% MoM a month earlier. Analysts had expected the decline by 1.2% MoM. On an annualized basis, production rates slightly improved from –5.2% YoY to –2.6% YoY, which can hardly be called strong data.
Support and resistance
On the D1 chart Bollinger Bands are reversing into the ascending plane relatively quickly. The price range is actively expanding, but it fails to catch the surge of "bullish" sentiment at the moment. MACD indicator is growing preserving a stable buy signal (located above the signal line). Stochastic, having approached its highs, reversed into the horizontal plane indicating risks of overbought USD in the ultra-short term.
Resistance levels: 111.00, 111.70, 112.44, 113.00.
Support levels: 110.23, 109.84, 109.37, 109.00.
Trading tips
To open long positions, one can rely on a confident breakout of 111.00. Take-profit – 112.00–112.44. Stop-loss – 110.23. Implementation time: 2-3 days.
A rebound from 111.00 as from resistance, followed by a breakdown of 110.23 may become a signal for new sales with the target at 109.37. Stop-loss – 110.70.
Use more opportunities of the NPBFX analytical portal: economic indicators
Regular monitoring of global economic indicators plays an important role in trading, because of their strong influence on FOREX market and possibility to provoke significant price fluctuations. For the convenience of traders the "Education" section on the NPBFX portal contains the most popular and significant world economic indices with a detailed description, their possible impact on the economy and exchange rates (GDP, consumer price index, unemployment rate, Nonfarm Payrolls (NFP), etc.).
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on USD/JPY and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.
Current trend
USD is showing solid gains against JPY, developing strong "bullish" momentum since March 24. The instrument is adding about 0.50% and is located not far from another strong resistance at 111.00, above which the pair rose a year ago. USD is strengthening across almost the entire market, responding to the renewed growth in US Treasury yields and awaiting a new plan to change infrastructure spending in the US from President Joe Biden.
Today's macroeconomic statistics from Japan turned out to be rather depressing. Industrial Production in February decreased by 2.1% MoM after an increase by 4.3% MoM a month earlier. Analysts had expected the decline by 1.2% MoM. On an annualized basis, production rates slightly improved from –5.2% YoY to –2.6% YoY, which can hardly be called strong data.
Support and resistance
On the D1 chart Bollinger Bands are reversing into the ascending plane relatively quickly. The price range is actively expanding, but it fails to catch the surge of "bullish" sentiment at the moment. MACD indicator is growing preserving a stable buy signal (located above the signal line). Stochastic, having approached its highs, reversed into the horizontal plane indicating risks of overbought USD in the ultra-short term.
Resistance levels: 111.00, 111.70, 112.44, 113.00.
Support levels: 110.23, 109.84, 109.37, 109.00.
Trading tips
To open long positions, one can rely on a confident breakout of 111.00. Take-profit – 112.00–112.44. Stop-loss – 110.23. Implementation time: 2-3 days.
A rebound from 111.00 as from resistance, followed by a breakdown of 110.23 may become a signal for new sales with the target at 109.37. Stop-loss – 110.70.
Use more opportunities of the NPBFX analytical portal: economic indicators
Regular monitoring of global economic indicators plays an important role in trading, because of their strong influence on FOREX market and possibility to provoke significant price fluctuations. For the convenience of traders the "Education" section on the NPBFX portal contains the most popular and significant world economic indices with a detailed description, their possible impact on the economy and exchange rates (GDP, consumer price index, unemployment rate, Nonfarm Payrolls (NFP), etc.).
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on USD/JPY and trade efficiently with NPBFX.