USD JPY Technical Analysis March 11, 2025
As of March 11, 2025, the USD/JPY currency pair has been experiencing notable movements influenced by both technical indicators and fundamental factors.
Current Price Levels and Technical Indicators:
The USD/JPY pair is currently trading around 146.845, reflecting a decrease of 0.28% over the past 24 hours. Technical indicators present a mixed outlook:
- Moving Averages: The pair is trading below its 200-day exponential moving average (EMA), indicating sustained downward momentum.
- Relative Strength Index (RSI): The RSI on the 4-hour chart has entered oversold territory, suggesting potential for a bullish correction.
Support and Resistance Levels:
Identifying key support and resistance levels is crucial for anticipating potential price movements:
- First Support: 146.00, identified as a key support level that, if breached, could lead to further declines toward 145.20.
- Pivot Level: 146.48, acting as a pullback support that aligns with the 78.6% Fibonacci projection, indicating a potential area where price could rebound.
- First Resistance: 147.45, identified as a potential area where the price could face selling pressure and reverse downward.
Fundamental Factors:
Several fundamental factors are influencing the USD/JPY pair:
- US Dollar Weakness: The US dollar has experienced a sharp selloff due to growth concerns, leading to a decline of about 5% since January and reaching a four-month low.
- Bank of Japan’s Monetary Policy: The Bank of Japan (BOJ) maintained its short-term policy interest rate at 0.25% during its latest meeting, despite some advocating for a hike due to growing inflationary pressures.
- US Treasury Yields: Rising US Treasury yields have been a concern for equity markets, with the 10-year yield jumping nearly a full percentage point since September, causing investor caution and recent market volatility.
Conclusion:
The USD/JPY pair is currently exhibiting bearish momentum, influenced by technical indicators and fundamental factors such as US dollar weakness and BOJ’s monetary policy stance. Traders should monitor key support and resistance levels, as well as upcoming economic data releases, to assess potential price movements in the near term.
EUR/USD Technical Analysis March 11, 2025