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Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 14 March 2019

2019-03-14 05:12 am | Resource: Technical Analysis | No Views : 150

Time frame Used - four hours
The USDJPY is moving in a bearish direction in the near term.
USD/JPY CHART
The bears managed to control the movement of the USD/JPY pair to break the upside channel as the USD/JPY dropped to the 111 levels.
In view of the technical indicators
Both the RSI and Stochastic are indicators to weakness of the indicators.
Accordingly, we expect that the USD/JPY will target levels of  109.85 - 109.57 and this scenario fails in case of  stability above level of 111.60.
The alternative scenario is that the USD/JPY retest levels of 111.35 - 111.60.
Big Picture
Looking at the daily chart, we find that the USD/JPY also broke the upside channel down.
USD/JPY DAILY CHART
Recommendation
Sell The USD/JPY around levels of 111.12 - 111.35 for targeting levels of 110.35 - 109.85 With the activation of stop loss in the case of the closure of the highest level 111.60.
The fundamental overview
• On the economic data level, the Japanese interest rate decision will be issued at 9:50 pm GMT, as well as the Bank of Japan monetary policy statement at 10.54 pm GMT.
• On the other hand, unemployment and US import data will be released at 7:30 am GMT, as well as new US home sales data at 9 am GMT.
Resistance: 111.12 - 111.60 - 112.10
Support: 110.35 - 109.57 - 109.11
Direction: Down
Technical Analysis
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