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Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 20 March 2019

2019-03-20 09:17 am | Resource: Technical Analysis | No Views : 52

Time frame Used – 60 MIN
The USDJPY is moving in a sideway direction in the near term.
usd/jpy chart
USD/JPY was able to stability above level of  111.50 as the USD/JPY is still trading above the Bollinger’s moving average line.
In view of the technical indicators
Both the RSI and the Stochastic are indicating improved performance of the indicators.
Therefore, we expect that the USD/JPY will test levels of  111.89 - 111.12 again and this scenario fails in case of instability above the 111.50 level.
The alternative scenario is that the USD/JPY is retreating to 111.13.
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 level there are no data or reports that have a strong and effective impact on the Japanese yen.
• On the other hand, the Federal Reserve Economic Outlook data will be released at 1 pm GMT, as well as Federal Reserve data releases at 1 pm GMT, as well as the Federal Reserve's statement at 1 pm GMT, To the Federal Reserve Committee press conference at 1.30 pm GMT.
Resistance: 112.10 - 113.07 - 113.57
Support: 111.50 - 111.13 - 110.76
Direction: sideway
Technical Analysis
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