Intraday forex analysis covering USDJPY , XAGUSD , and NAS 100 analysis with a focus on key market movements, support and resistance levels, and short-term price action trends across major currency pairs. USDJPY hitting fresh lows The US dollar is under pressure as the Yen's strength drags the pair lower.
Intraday forex analysis covering USDJPY , XAGUSD , and NAS 100 analysis with a focus on key market movements, support and resistance levels, and short-term price action trends across major currency pairs. USDJPY hitting fresh lows The US dollar is under pressure as the Yen's strength drags the pair lower.
The extension of the two-week Iran ceasefire helped global stock markets continue to rise last week. However, WTI oil prices also moved higher as traders stayed focused on the risk of oil supply disruption.
The USD/JPY exchange rate will be in the spotlight this week as the Federal Reserve and the Bank of Japan (BoJ) publish their interest rate decisions. It was trading slightly below the important resistance level at 160 as traders wait for these events and as the Iran crisis continued.
USD/JPY has reverted to a straight rates play between the US and Japan, with developments in the Gulf the key underlying driver of both outlooks. Extended uncertainty surrounding the Iran war now has both the Federal Reserve and Bank of Japan expected to keep policy settings on hold in the near term, a sharp shift from the pre-conflict view that the Fed would cut at least two times this year while the BOJ hiked twice.
Next week is Central Bank week as we hear from the Fed, ECB, BoE, BoJ and Bank of Canada. No actual moves are expected but what is being watched for is the hinting of future moves, particularly around the BoJ and ECB.
USD/JPY continues to consolidate just below a key resistance zone after a strong advance, with price action reflecting a period of compression near recent highs. The pause in momentum suggests a potential buildup for a larger move, with the broader uptrend still intact for now.
The pair managed again to hit another correction while still facing the support zone of 157.25-65, which could hold prices inside this trading zone toward resistances 160.20 or 161.95. Above 161.95 the market could enter a new uptrend wave with first target toward 163.80.
USDJPY keeps firm tone and trading near psychological 160 barrier, with near term action being slower on Friday, in comparison to strong gains in previous few sessions.
USD/JPY Price Forecast: Bulls await range breakout above 160.00 amid intervention fears
Looking at the 4-hour chart, the pair settled above the 159.00 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). Besides, the pair cleared a key bearish trend line with resistance at 159.35.
So far – the Fibonacci support at 97.94 has held the lows in the USD. Earlier in the month I highlighted this zone as a spot of support potential for the Greenback as this was the resistance side of the ascending triangle that had formed into the March open.