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Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 15 March 2019

2019-03-15 08:31 am | Resource: Technical Analysis | No Views : 44

Time frame Used - four hours
The USDJPY is moving in a sideway direction in the near term.
USD/JPY CHART
the USD/JPY was able to hold steady at 111.12 to rebound slightly to 111.90 as it faces some selling pressure around this level.
In view of the technical indicators
Both the RSI and Stochastic are indicators to weakness of the indicators.
Therefore, we expect that the USD/JPY will fall to level of  111.12 again and this scenario fails in case of stability above level of  112.10.
The alternative scenario is that the USD/JPY breached level of 112.10 to the upside for targeting levels of  113.07 - 113.57.
Big Picture
Looking at the daily chart, we find that the USD/JPY also broke the upside channel down.
USD/JPY DAILY CHART
Recommendation
Our view is currently neutral around USD/JPY.
The fundamental overview
• On the economic data front, the Bank of Japan press conference will be released, as well as the speech by Bank of Japan Governor Kuroda at 3.55 am GMT.
• On the other hand, the New York Manufacturing Index will be released at 7.30 am GMT, as well as the release of US Industrial Production data on a monthly basis at 8.15 am GMT, as well as the release of the Consumer Confidence Consumer Sentiment - Michigan at full hour 9 am GMT, as well as the release of preliminary reading of inflation expectations - Michigan at 9 am GMT, as well as job vacancies and US turnover at 9 am GMT.
Resistance: 112.10 - 113.07 - 113.57
Support: 111.12 - 110.35 - 109.57
Direction: sideway
Technical Analysis
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