On Sunday, the Bank of Japan (BOJ) will release the Tankan large manufacturing outlook for the first quarter. The headline data will provide a high-level overview of factory output in the world’s third-largest economy. That being said, How is the USDJPY pair now trading? Let us find out with the 30 March USDJPY Intraday Technical Outlook.
30 March, OctaFX – The U.S dollar is retracing mid-week gains against the Japanese yen, as traders look to test overall demand around the pivotal 106.00 technical support level.
The move lower from the 107.00 level in the USDJPY pair can be attributed to profit taking, and solid monthly employment data from the Japanese economy earlier this morning. Moving into the U.S trading session, buyers need to defend the 106.00 support level to keep the recent bullish sentiment in place.
30 March USDJPY Intraday Technical Outlook
The USDJPY pair retains a bullish bias whilst trading above the 106.00 level, further upside towards 106.45 and 107.00 then seems likely.
A decline move below the 106.00 level will shift the sentiment surrounding the USDJPY pair to bearish. Key technical support remains at the 105.50 and 105.24 levels.
This article about 30 March USDJPY Intraday Technical Outlook 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.