USD/JPY tries to recover

USD/JPY tries to recover

2020-03-13 • Updated

After testing the lowest levels since 2016 in the 101.18 area earlier this week, USD/JPY turned up and returned above 105.00. On the H4, the pair formed a higher low and rose above the 50-period MA.

Japan announced the unscheduled purchase of 200 billion yen ($1.90 billion) in government debt. The news has weakened the yen.

USD/JPY may recover to 106.70 (50% Fibonacci retracement of the February-March decline). The next levels to watch on the upside will be at 107.65 and 108.00. Support lies at 105.40, 105.00, and 104.00.

Trade idea for USD/JPY

BUY 106.20; TP 106.70; SL 106.00




US Dollar: A Dump or a Correction?
US Dollar: A Dump or a Correction?

After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?

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