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USDJPY: medium-term sells of the pair.

USDJPY: medium-term sells of the pair. | 24 March 2023

24 March 2023, USD/JPY

• Long-term trend: goes long. The maximum accumulation of volumes of the current contract is located in the range, of quotations 132.300-132.800. At the moment, the pair is trading lower, indicating the weakness of buyers.

• Medium-term trend: goes short. The maximum accumulation of volumes of the current contract is located in the range, of quotations 132.350-132.650 and 131.200-131.400. At the moment, the pair is trading lower, indicating the strength of sellers.

• The area of profitable prices for sell in terms of marginal cover is located between zones 1/4 and 1/2 constructed from the minimum 24.03.2023.

• Quotation of the lower boundary of the zone 1/4 – 131.416.

• Quotation of the lower boundary of the zone 1/2 – 132.682.

• Intraday objectives: update the lows from 24.03.2023-130.174.

• Medium-term objectives: test the higher bound of GWCZ –129.649.

• Trading recommendations: sells from the range of favorable prices in the formation of a reversal pattern.

• Sell: 131.416-132.682, Take Profit 1-130.174, Take Profit 2-129.649.

• WCZ (weekly control zone)

• GWCZ (golden weekly control zone)

• SWCZ (silver weekly control zone)

James Hoggarth
Analyst of FreshForex
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