ICM Technical Analysis : USD/JPY 13 March 2020

13 March 2020 Analysis (Forex, CFDs, Cryptocurrency)Currency PairsUSD/JPY

IC Markets : Technical Analysis USDJPY 13 March 2020 - TF240 IC Markets : Technical Analysis USDJPY 13 March 2020 - TF1W TF1D

ICM Technical Analysis : USDJPY – 13 March 2020

Despite another round of volatile trading Thursday, USD/JPY wrapped up the session pretty much unchanged.

A punishing sell-off across global equity markets took shape, which typically underpins demand for the safe-haven Japanese yen.

Technical structure on the H4 is largely governed by round-number figures right now, with 106 capping upside. Beyond here, an interesting port of resistance resides between March’s opening level at 107.38 and the 50.0% retracement at 106.71 (green – within holds the 107 handle and a 127.2% Fibonacci extension point at 107.24).

Movement on the weekly timeframe faded Quasimodo support at 102.55, with resistance at 105.35 containing upside. A breach realises minor swing lows potentially offering resistance, yet key resistance resides off the 2019 yearly opening level at 109.68.

A closer reading of price action on the daily timeframe shows price exhibits scope for moves higher, targeting resistance at 106.80 and 106.96, a Quasimodo support-turned resistance.

Areas of consideration:

The 107.38/106.71 area on the H4 timeframe is likely of interest for shorting opportunities today, owing to its surrounding local confluence. What’s also notable is the daily resistances at 106.96 and 106.80 converge with the area, increasing the odds a move lower may materialise, targeting the 106 handle as the initial port of call.

Disclaimer: The information contained in this material is intended for general advice only.

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