Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
17 Mar 2023

USD/JPY Price Analysis: Bulls need to show up or 131.00 is a viable target

USD/JPY bears eye 131.00, a level that could easily come back under pressure for the days ahead.

Meanwhile, bulls will need to commit at 4-hour support. 

USD/JPY is at 133.40, up from 132.74 as of Thursday's Tokyo stock market close. Currency markets were broadly calmer on Thursday after Credit Suisse said it would borrow up to $54 billion from the Swiss National Bank to shore up liquidity and investor confidence.

This has left the Yen sideways vs. the US Dollar, near to trendline resistance in USD/JPY as the following illustrates:

USD/JPY daily chart

The market is on the front side of the bearish trendline, submerged by the horizontal and dynamic trendline resistance on the daily chart. With that being said, the price did fall out to the backside of the prior dominant bull trend, and the bears vaulted support structure. This makes for a viable downside case. However, as illustrated, should the bulls break the resistance, there will be prospects of a move higher to test the 135.20s in a 50% mean reversion. 

USD/JPY H4 chart

The M-formation is pulling in the price to the neckline support. However, should the bulls commit, then there will be prospects of a breakout of resistance. On the other hand, if the bears stick around, then while being on the front side of the bear trend, 131.00 could easily come back under pressure for the days ahead:

Mar 17, 2023

GBP/USD defends 1.2100 as skepticism for Fed policy escalates

The GBP/USD pair has sensed a buying interest after a corrective move to near 1.2100 in the early Asian session. The Cable is attempting to extend fur
Read more Previous
Mar 17, 2023

AUD/JPY back to 89.00 mark, as the Yen’s safe-haven demand fades

The risk proxy AUD/JPY was hammered brutally earlier this week, pushing the pair to touch the 87.50 level in a risk-averse environment. The liquidity
Read more Next