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24.03.2023 04:14 PM
Early in the US session, the Japanese Yen is trading around 130.10 bouncing after reaching a low around 129.62, the level which coincides with 3/8 Murray (129.68).
Japanese yen like gold is a safe haven asset and it has been strengthening since the beginning of the month. It is now trading at oversold levels, so a technical bounce is likely in the coming days.
In case the Yen trades above 129.68 and above the psychological level of 130.00, it could reach the top of the downtrend channel of 131.50.
A sharp break of the downtrend channel formed since March 3 could be a sign of a trend reversal and the yen could climb above the 200 EMA located at 133.44 and finally hit 6/8 of Murray located at 135.22.
On the other hand, in case the USD/JPY pair falls and rebounds back to the 129.68 zone, it will be considered a signal to buy with targets at 131.25 and 131.46 (4/8 Murray).
Our trading plan for the next few hours is to buy at current price levels around 130.10, with targets at 131.46 and 133.44 (200 EMA). The eagle indicator has been giving a positive signal since March 20 which supports our bullish strategy.
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