As traders await the US Federal Reserve’s latest policy decision, how does the USDJPY currently trading? Use this 20 March USDJPY Intraday Technical Analysis from OctaFX to make the best of your trades!
20 March, OctaFX – The U.S dollar has moved higher against the Japanese Yen, reaching 106.61, after shorted date U.S bond-yields moved higher ahead of the Federal Reserve interest rate decision on Wednesday.
The USDJPY pair currently trades around the 106.30 region, with expectations high that the FED will hike interest rate 0.25 basis points. USDJPY buyers will look for further advancement once clearly above the key 106.45 level, whilst key intraday technical support is now found at the 106.23 level.
20 March USDJPY Intraday Technical Analysis
The USDJPY pair is intraday bullish while trading above the 106.23 level, key upside resistance is now found at the 106.61 and 106.85 levels.
If the USDJPY pair declines below the 106.23 levels, further losses towards the 106.00 and 105.77 support levels cannot be ruled out.
This article about 20 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.
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