What to expect from USDJPY movements today? This 16 March USDJPY Technical Outlook shows that the pair has dipped below 106.00 on Washington turmoil. Read on as this analysis will equip you with necessary guidance.
16 March, GKFX – The Yen picked up a bid and pushed the USD/JPY to a session low of 105.93 after the Washington Post reported Trump is set to fire H.R. McMaster as his national security adviser.
Record-breaking turnover is hurting risk assets
Trump’s staff turnover has been higher than the five most recent presidents, according to Brookings and is being read by investors as a sign of turmoil in Washington. Consequently, the Japanese Yen is inching higher across the board.
However, the equity markets have not reacted to McMaster news. As of writing, the S&P 500 futures are flat lined. Ahead in the day, The Japanese currency may extend gains if the equities turn risk-averse.
16 March USDJPY Technical Outlook
Currently, the pair is trading at 106.00. A move above the session high of 106.37 would open doors for 107.05 (March 9 high) and 107.29 (March 13 high). On the other hand, a break below 105.78 (previous day’s low) could yield a sell-off to 105.55 (Feb. 16 low) and 105.25 (March 2 low).
This article 16 March USDJPY Technical Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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