USDJPY pair analysis for the week of 23-27 March 2020 - FX24.net

Basic factor

The dollar has fallen after eight consecutive gains due to concerns that the US economy will be in crisis after many of its major states have been frozen off due to the Covid epidemic. 19. , it is likely that the unemployment rate will increase strongly, pushing the strongest economy into recession.

After 4 days of consecutive gains, the USDJPY currency pair dropped to 109.32 at the end of the week when the market temporarily left the dollar to shift to higher-yielding currencies. USDJPY withdrew from the high of 111.5 but traded stably below 111.00.

Technical analysis

In terms of technical analysis, after approaching the supply area on the daily chart, USDJPY showed a reaction when it dropped more than 190 pips before creating the next high at 111.5 and falling back over 110 pips. The trendline line from 112.39 to 112.22 confluence with the Supply zone at 111.84-112.4 will be a strong resistance for this pair.

In case of a broken supply, mentioned USDJPY can continue to move higher at 113.6.

REFERENCE STRATEGIES

Sell ​​111.84

Stop loss 112.45

Take profit 109.9


Recommendation: This is just a Trading Idea. For more accurate analysis, you should incorporate other indicators that you have mastered. In particular, always focus on capital management methods to prevent any possible market situation.

Author: Nguyen Chi Thanh

PTKT's partner FX24

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Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

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