USD/JPY Facing Key Technical Level as Yen Gains Momentum Before Upcoming US Data Releases
Thursday, 7 March 2024, 12:19
USD/JPY Breaks Below Key Technical Level and Faces Downside Targets
USD/JPY is testing significant support levels, with a break below the 100-day moving average and the 38.2% Fib retracement level projected. The focus shifts towards the 1 February low and 200-day moving average as crucial zones to watch.
Upcoming US Economic Data Releases to Influence USD/JPY Direction
The BOJ meeting and recent technical moves in US Treasury yields are impacting the yen, making a further drop in USD/JPY likely. However, the upcoming US non-farm payrolls, CPI, PPI data, and retail sales could alter the currency pair's trajectory.
- Key Support Levels: 100-day MA at 147.73, 38.2% Fib retracement at 146.82, 1 February low near 146.00
- US Data Schedule: Non-farm payrolls, CPI, PPI, retail sales, Treasury auctions
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.