The USDJPY resumes the bullish wave – Analysis - 08-03-2023

Economies.com
2023-03-08 04:11AM UTC

The USDJPY pair bounced upwards strongly after leaning on the bullish channel’s support line that appears on the chart, as the EMA50 met this support to add more strength to it, reaching 137.70 level now, and we suggest surpassing this level to open the way to achieve more gains that reach 139.25 as a next main station.

 

Therefore, we expect to witness more bullish bias in the upcoming sessions, it might be preceded by some sideways fluctuation affected by stochastic negativity, waiting to get positive momentum that assists to push the price to achieve the waited targets.

 

We need to take into consideration that failing to breach 137.70 will press on the price to rebound bearishly and head to test 135.90 areas initially before any new attempt to rise.

The expected trading range for today is between 137.00 support and 138.60 resistance

The expected trend for today: Bullish

Forex and Currency News

Forex News

Forex

Dollar gives up one-week high ahead of Waller's remarks
2024-05-24 12:04PM UTC
Dollar fell in European trade on Friday against a basket of major rivals, giving up one-week highs ...
GBP/USD news

Forex

Sterling backs off two-month high after grim data
2024-05-24 07:44AM UTC
Sterling fell in European trade on Friday against a basket of major rivals, extending losses for ...
USD/JPY news

Forex

Yen hovers near three-week low under supervision of BOJ
2024-05-24 04:05AM UTC
Yen declined in Asian trade on Friday against a basket of major rivals, extending losses for the ...

Forex Technical Analysis

GBP USD Analysis

Forex

The GBPUSD forecast update 24-05-2024
2024-05-24 09:12AM UTC
GBPUSD Price Analysis Expected Scenario The GBPUSD price trades positively to attempt to ...
EUR USD Analysis

Forex

The EURUSD price forecast update - 24-05-2024
2024-05-24 09:12AM UTC
EURUSD Price Analysis Expected Scenario The EURUSD price shows some bullish bias to test ...
Technical Analysis

Forex

The GBPCAD continues to rise – Forecast today – 24-5-2024
2024-05-24 09:01AM UTC
GBPCAD Price Analysis Expected Scenario The GBPCAD price repeated the positive closings ...