USDJPY Intraday Technical Analysis: Pre Fed Decision


Today, market participants will be paying close attention to new FED Chair Powell’s speech, with his wording under the microscope for any overly dovish or hawkish remarks. Meanwhile, how does the USDJPY pair trade? Use this 21 March USDJPY Intraday Technical Analysis to make the best of your trades.

21 March, OctaFX – The U.S dollar continues to consolidate above the 106.00 handle against the Japanese yen, with a technical breakout looming ahead of today’s Federal Reserve interest rate.

The USDJPY pair is trading at tight price-range, with price-action now pulling back from the weekly price-high, found at the 106.61 level.

A clear breach of the 106.80 resistance area should encourage further gains above the 107.00 level, whilst key weekly technical support is found at the 105.45 level.

21 March USDJPY Intraday Technical Analysis

  • The USDJPY pair remains bullish while trading above the 106.00 level, key upside resistance is now found at the 106.80 and 107.50 levels.

  • Should the USDJPY pair declines below the 106.00 support levels, key support is found at the 105.45, 105.22 and 104.60 levels.

Disclaimer

This article about 21 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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