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Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 21 March 2019

2019-03-21 08:13 am | Resource: Technical Analysis | No Views : 40

Time frame Used - four hours
The USD/JPY is moving in a bearish direction in the near term.
The USD/JPY was able to take control of the USD/JPY movement after the US Federal Reserve's decision to fix the US interest rate as the USD/JPY broke down at 111.12 to hit at 110.57.
In view of the technical indicators
Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area.
Therefore, we expect that the USD/JPY will test level of  111.12 again and then retest to the target of 110.35 and this scenario fails in case of  stability above level of  111.12.
The alternative scenario is that the USD/JPY retest level of  112.10 again.
Big Picture
Looking at the daily chart, we find that the USD/JPY also broke the upside channel down.
Sell USD/JPY around the 111.12 level for targeting level of 110.35, with the activation of stop loss in case of a close above level of 111.12.
The fundamental overview
• On the economic data level, the CPI data will be released on an annual basis at 6:30 pm GMT, as well as the Japanese Manufacturing PMI's preliminary reading at 7:30 pm GMT.
• On the other hand, US Unemployment Claims will be released at 7:30 am GMT, in addition to the Philadelphia Manufacturing Index on a monthly basis at 7.30 am GMT, as well as the release of US labor market data on a monthly basis at 8:30 am GMT.
Resistance: 112.10 - 113.07 - 113.57
Support: 111.12 - 110.35 - 109.57
Direction: down
Technical Analysis
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