10.03.202315:52 Forex Analysis & Reviews: Technical analysis on USDJPY for March 10th, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Black line- support trend line (broken)

Yellow rectangle- horizontal support

USDJPY is trading around 136.06. Price is under pressure as Dollar weakens after the better than expected Non-Farm Payrolls announced in US. Dollar is getting hit. Technically USDJPY back tested the broken trend line earlier today and got rejected. Price hit the black trend line from below and got rejected. This price action is bearish. Line in the sand for the bullish trend is the horizontal support shown by the yellow rectangle. This is the last line of defense for bulls. A break below the 135.25 area will confirm that short-term trend has changed to bearish and we should expect a deeper pull back.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.