- The USD/JPY closes flat in 149.38, erasing a loss of 0.54% while safe refuge flows drive YEN at the end of the session.
- A pattern of ‘Gravestone Doji’ is formed, pointing out a change of momentum towards the loss, with the first support in 149.00.
- A rupture above 150.00 could trigger profits around 150.67, but the flattening of the RSI suggests a limited bullish potential.
The USD/JPY finished Tuesday session with an anemic earnings of 0.04%. The session was characterized by a general weakness of the Japanese Yen (JPY) until its safe refuge status promoted Yen to cut previous losses of 0.54%. As the Asian session on Wednesday begins, the PAR is quoted at 149.38, practically unchanged.
Forecast of the USD/JPY price: technical perspective
The USD/JPY has recovered more than 2.32% since it touched back around the minimum of 146.54 on March 11 and reached a maximum of 149.93 on March 18 before going back to current prices. The vendors moved at the end of yesterday’s session, helping to overcome the previous purchase pressure. Therefore, a ‘serious doji’ was formed, hinting that the momentum has moved towards the casualty.
The relative force index (RSI) points slightly up, but the slope has flattened a little, which could indicate a bearish continuation.
The first USD/JPY support would be the figure of 149.00. A rupture of this last will expose Tenkan-sen in 148.20, closely followed by the minimum of March 14, 147.76. On the contrary, if buyers push over 150.00, this will expose the Kijun-sen in 150.67 before trying the simple mobile average (SMA) of 200 days in 151.91.
USD/JPY price daily graphics
And in Japanese price this week
The lower table shows the change percentage of Japanese Yen (JPY) compared to the main currencies this week. Yen Japanese was the strongest currency in front of the Japanese yen.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.58% | -0.48% | 0.42% | -0.58% | -0.44% | -1.23% | -0.90% | |
| EUR | 0.58% | -0.02% | 0.59% | 0.00% | 0.00% | -0.67% | -0.35% | |
| GBP | 0.48% | 0.02% | 0.93% | -0.20% | 0.00% | -0.67% | -0.41% | |
| JPY | -0.42% | -0.59% | -0.93% | -0.99% | -1.07% | -1.59% | -1.48% | |
| CAD | 0.58% | -0.00% | 0.20% | 0.99% | -0.06% | -0.65% | -0.87% | |
| Aud | 0.44% | -0.00% | -0.00% | 1.07% | 0.06% | -0.64% | -0.34% | |
| NZD | 1.23% | 0.67% | 0.67% | 1.59% | 0.65% | 0.64% | 0.32% | |
| CHF | 0.90% | 0.35% | 0.41% | 1.48% | 0.87% | 0.34% | -0.32% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the Japanese yen from the left column and move along the horizontal line to the US dollar, the percentage change shown in the picture will represent the JPY (base)/USD (quotation).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
