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Old 22-06-2018, 07:00
AndreaFM AndreaFM is offline
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Default Re: Daily Market Analysis by ForexMart

USD/JPY Technical Analysis: June 21, 2018

The USD/JPY pair closed higher inside day during the Wednesday session, reflecting uncertainty and expected volatility with a tendency to move up.

The Forex pair also underwent a transition period after the momentum changed to a downturn at the beginning of the week. However, even if the momentum changed, the main uptrend remains solid.

On the other side, there was a short-rally to cover after sellers moved below after a sharp sell-off on Tuesday.

The Japanese yen major pair moved higher on early Thursday with a strong compulsion in purchases from the Wednesday and Thursday highs. Hence, this northward sentiment induces the market to move their positions in the attempt to test the psychological level of 110.859 and the main top at 110.905.

Higher demand for risky assets drove the price action of the pair and losing the Japanese Yen as a safe-haven. On a deeper perspective, the tension on trade war between the U.S. and China is the main impetus of the trend.

The pair is being traded 110.559 and increased by +0.19% or 0.215 at 2.04GMT. It is likely to uphold its positions taking into account rising of stocks and unsettled trade war between the two big nations continues to advance peacefully.
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