Nixse
0

USD/JPY analysis for May 12, 2021

Looking at the graph on the four-hour time frame, we can do the following technical analysis. By drawing the bottom and top lines, we have formed a triangle that follows the movement of the value of the USD/JPY currency pair. We have now reached the very corner of this triangle, and we can expect some major shift in the chart soon. By adding the Fibonacci retracement level, we see that the bullish trend was interrupted at 61.8% Fibonacci level at 109,625 and then pulling down again to the current 108,700 testings 38.2% Fibonacci level. Looking at moving averages, we are below them, and based on their setting, we expect a bearish trend, but we also need a drop below 108,300 to confirm that theory. While on the opposite side is the MACD indicator which gives us the current bullish signal, although the movement of the indicator is lateral, and this bullish signal is not so strong.
From economic news and political statements, we single out the following: Japan’s leading index rose to its highest level in seven years in March, preliminary cabinet data showed on Wednesday. The leading index, which measures future economic activity, rose to 103.2 in March from 98.9 in February. The most recent reading was the highest since March 2014, when it was 103.4.
usdjpy The randomness index rose to 93.1 in March from 89.9 in the previous month. This was the highest since February last year. The Bank of Japan (BOJ) will refrain from buying exchange-traded funds (ETFs) despite falling Japanese stocks. It is efficient to buy huge sums when markets are volatile, signaling that a crisis like last year’s market crash will be needed to justify huge ETF purchases.

  • Support
  • Platform
  • Spread
  • Trading Instrument
User Review
  • Support
    Sending
  • Platform
    Sending
  • Spread
    Sending
  • Trading Instrument
    Sending


You might also like

Leave a Reply