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12 March 2018

Forex Technical analysis

USDJPY Intraday Technical Forecast

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After the pair moved to overextended levels on Friday, how does it trade at the moment? Stay up to date on the latest 12 March USDJPY Intraday Technical Forecast from OctaFX.

12 March, OctaFX – The U.S dollar continues to retrace lower against the Japanese yen, after the pair moved to overextended levels on Friday, following a stronger than expected Non-farm payrolls jobs report.

The USDJPY pair currently trades around the 106.55 level, with key near-term upside technical resistance now found at the 106.72 level. Moving into the U.S trading session, the intraday directional bias of the U.S dollar index and U.S stock markets are likely to guide the USDJPY pair.

12 March USDJPY Intraday Technical Forecast

  • The USDJPY pair is likely to see further gains whilst trading above the 106.45 level, key upside resistance is found at the 106.72 and 107.04 level.

  • Should USDJPY price-action move convincingly below the 106.45 level, intraday sellers are likely to test towards the 106.00 support level.

Disclaimer

This article about 12 March USDJPY Intraday Technical Forecast 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.

USDJPY OctaFX

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