Morning Insights 29th March

Simon Alagbe


Instrument: USDJPY

The broader weakness in the safe haven Yen as aided the pair to retain a consistent surge to the upside. The increase in the price of crude oil and metals put the Yen under pressure has the country depends on importation of natural resources for her productive activities thereby putting pressure on the currency. The other factor fueling the weakness in the Yen is the unlimited bond buying by the Bank of Japan conceived in many quarters as a desperate measure to suppress yield growth. 


The pair retraced to the 123.13 support zone earlier today, a level that held price in yesterday's session. The Pair is expected to regain its momentum and return back to the upside eventually going above the recent high at 124.82 with a stop loss fixed below the support zone where a rebound is expected. 


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