USDJPY Forecast and Technical Analysis 02-26-2018
- US Treasury Yields edged lower and it will remain the determining factor on USDJPY.
- Japanese Yen stands as Safe Haven.
USD/JPY closed the week at 106.850 with 100 pips weekly loss.
Daily Chart: The pair is far below all major Moving Averages. RSI value is 36 and the whole picture is strongly Bearish.
4 Hours Chart: RSI is heading North and slightly moving to the neutral zone. EMA 50 and SMA 20 are placed at the same level of 107.200. EMA 100 maintains a strong downward slope and will act as a strong resistance if the pair breaks above 107.200.
As seen in the H4 Channel chart, if the price breaks above 107.200, the pair will gain an upward momentum. And USDJPY may jump into the ascending channel. However, it is likely to be limited by the stronger resistance.
The trading strategy of today can be set as follows:
Levels to sell: 107.800 and 108.200
Levels to buy: Close above 107.200
We will publish our trend following strategy for midterm traders in the premium pages.
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