empty
 
 
28.03.2017 05:13 PM
USD/JPY fundamental analysis for March 28, 2017

USD/JPY has been through long-term non-volatile bearish structure since the bounce off 114.50 resistance area and the bias is still said to be continuing downwards. Today USD had CB Consumer Confidence report which was published at 125.6. It was expected to be at 113.9. At the same time Goods Trade Balance was also positive at -64.8B which was expected to be at -66.6B and the Richmond Manufacturing Index was also positive at 22 which was expected to be at 16. Having several positive reports today, USD failed to dominate JPY whereas JPY did not have any crucial economic event to push the currency against USD. An upcoming event for USD is FOMC Member Kaplan's speech today which is expected to provide some volatility in the market but JPY seems to gain more despite any USD economic events.

Now let us look at the technical view, the price is just above the key level of 110.10-00 area and stalling above it. If any daily close below 110.00 is observed, then we are expecting a long downward run towards 105.50 support level without any corrective barriers. On the other hand, if the price manages to push up above 111.50 with a daily close we will change our bearish bias to bullish and target 114.50 as the upward resistance target.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback