USDJPY Might Retrace? 23.03.2023
Since the USDJPY pair has moved below the 30 period MA there is a good chance for retracement.
However there is a resistance that might cause trouble at 131 level.
Finding evidence that this level has broken indeed, the pair is estimated to move upwards as indicated by the arrow
towards the Fibo retracement level (61.8% of the move backwards).
Alternative scenario:
The pair breaks the 130.5 support level and moves further down towards 130.
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Information Regarding Important News and Figures can be found here in our Economic Calendar: mau.bdswiss.com/economic-calenda...
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BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Tenancy 10, Marina House, Eden Island, Mahe. Payment transactions are managed by BDS Markets (Registration number: 143350).
However there is a resistance that might cause trouble at 131 level.
Finding evidence that this level has broken indeed, the pair is estimated to move upwards as indicated by the arrow
towards the Fibo retracement level (61.8% of the move backwards).
Alternative scenario:
The pair breaks the 130.5 support level and moves further down towards 130.
__________________________
Information Regarding Important News and Figures can be found here in our Economic Calendar: mau.bdswiss.com/economic-calenda...
Risk Warning: Trading in CFDs is highly speculative and carries a high level of risk. It is possible to lose all of your invested capital. These products may not be suitable for everyone, and you should ensure that you fully understand the risks taking into consideration your investment objectives, level of experience, personal circumstances as well as personal resources. Speculate only with funds that you can afford to lose. Seek independent advice if necessary. Please refer to our Risk Disclosure.
BDSwiss is a trading name of BDS Markets and BDS Ltd.
BDS Markets is a company incorporated under the laws of the Republic of Mauritius and is authorized and regulated by the Financial Services Commission of Mauritius ( FSC ) under license number C116016172, address: 6th Floor, Tower 1, Nexteracom Building 72201 Ebene.
BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Tenancy 10, Marina House, Eden Island, Mahe. Payment transactions are managed by BDS Markets (Registration number: 143350).
BDSwiss Research Team: Stuart Cowell, Da-Costa Assumang, Adnan Rehman, Aldo Weidner
Our team of renowned market analysts and professional traders work round the clock to provide up-to-the-minute market news coverage & actionable financial commentary
Our team of renowned market analysts and professional traders work round the clock to provide up-to-the-minute market news coverage & actionable financial commentary
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