USDJPY Long Forecast Monetary Policy Statement | 10th March 2023
Fundamental Backdrop
1. The Bank of Japan left interest rates unchanged, showing a very big interest rate differential between JPY and USD, weakening the JPY.
2. There are also signs that inflation has sustained above BOJ’s 2% target.
Technical Confluences
1. The overall bias for USDJPY on the H4 chart is bullish . To add confluence to our bias, price is above the Ichimoku cloud .
2. Near-term resistance at 137.600.
3. Minor support at 136.000.
Idea
With my bias on the USD to still be bullish , combined with the weak fundamental backdrop on JPY, I expect price to head towards the near-term resistance at 137.600.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. The Bank of Japan left interest rates unchanged, showing a very big interest rate differential between JPY and USD, weakening the JPY.
2. There are also signs that inflation has sustained above BOJ’s 2% target.
Technical Confluences
1. The overall bias for USDJPY on the H4 chart is bullish . To add confluence to our bias, price is above the Ichimoku cloud .
2. Near-term resistance at 137.600.
3. Minor support at 136.000.
Idea
With my bias on the USD to still be bullish , combined with the weak fundamental backdrop on JPY, I expect price to head towards the near-term resistance at 137.600.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
