USDJPY Technical Analysis


USD/JPY’s move higher to 105.68 was short-lived as the uncertainty over Trump’s tariffs continues to weigh on risk sentiment. Read on to see how the pair trades currently on the 5 March USDJPY Technical Analysis.

5 March, GKFX – As of writing, the pair is trading largely unchanged on the day at 105.50. The S&P 500 futures are down 12 points or 0.46 percent. Meanwhile, the Shanghai Composite index has shed 5 points or 0.16 percent.

Kuroda talks policy normalization

Consequently, the Yen recovered early losses. Also, on Friday, Bank of Japan (BOJ) governor Kuroda acknowledged the possibility of a stimulus exit for the first time and that too seems to have played a role in capping the upside in the USD/JPY around 105.68.

Ahead in the day, the spot could drop to 105.00 if the trade wars escalate and equities see a deeper sell-off.

5 March USDJPY Technical Analysis

The daily chart shows that the pair is well below its 100 and 200 DMAs, while the RSI retains its bearish slope near 31 after three consecutive declines supporting the ongoing trend. In the 4 hours chart, the pair has barely corrected higher, holding far below bearish 100 and 200 SMAs and with technical indicators having bounced from oversold readings, still well into negative territory.

Support levels: 105.20 104.75 104.30

Resistance levels: 105.85 106.30 106.60

Disclaimer

This article 5 March USDJPY Technical Analysis 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.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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