USDJPY H4 18 March 2024
USD/JPY, H4 18 March 2024
The Japanese yen experienced significant selling pressure as investors offloaded positions ahead of high volatility events. Despite the sell-off, bullish prospects remain for the Japanese yen, driven by speculation of potential monetary shifts from the Bank of Japan. Tuesday's BOJ meeting is poised to be consequential, with officials deliberating on ending eight years of negative interest rates in a landmark shift away from its stimulus program.
USD/JPY is trading higher while currently testing the resistance level. Suggesting the pair might enter overbought territory.
Resistance level: 148.35, 150.80📉
Support level: 149.15, 150.80📈
The Japanese yen experienced significant selling pressure as investors offloaded positions ahead of high volatility events. Despite the sell-off, bullish prospects remain for the Japanese yen, driven by speculation of potential monetary shifts from the Bank of Japan. Tuesday's BOJ meeting is poised to be consequential, with officials deliberating on ending eight years of negative interest rates in a landmark shift away from its stimulus program.
USD/JPY is trading higher while currently testing the resistance level. Suggesting the pair might enter overbought territory.
Resistance level: 148.35, 150.80📉
Support level: 149.15, 150.80📈
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