USDJPY Intraday Technical Analysis


A look at the updated 1 March USDJPY Intraday Technical Analysis shows that the pair is currently holding the key technical support. What else is discussed in this analysis?

1 March, OctaFX – The U.S dollar remains under pressure against the Japanese yen, with price-action still holding the key 106.60 support region, as global stock and commodity markets trade lower across the board. The Japanese yen currency has been a major beneficiary of the recent move to safe-haven asset classes, despite the broader U.S dollar index today moving to a six-week trading high.

Moving into Thursday’s U.S trading session, USDJPY traders will likely look to U.S stock markets and the ISM Manufacturing report for the month of February.

1 March USDJPY Intraday Technical Analysis

  • The USDJPY pair is likely to fall sharply below the 106.60 level, key technical support is found at the 106.18 and 105.50 levels.

  • Should price-action on the USDJPY pair hold above the 106.60 level, traders may test the 107.00 and 107.30 resistance levels.

Disclaimer

This article about 1 March USDJPY Intraday Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.

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