USD/JPY is coming off its largest monthly drop in February since October 2008. Of course, the subsequent move was a multi-year gain in the JPY. The next move will likely include a good deal of volatility, even if we do not have a clear understanding of direction going forward.
Looking to other asset classes like US Treasury yields that saw the 10Y climb as much as 10bps on Tuesday shows that the pressure to buy JPY is letting up for now. The 2-year yield is equally interesting as it is more of a proxy for expected monetary policy. For example, we see divergences in traditional stronghold relationships in other JPY crosses starting to favor JPY shorts.
Additionally, we see a boost in equity markets, which are also supporting the JPY crosses higher with 111 being a key support for now in USD/JPY. SPX500 has moved higher ~10% from the February 11 low and a further push higher could continue to favor the range with a push toward former long-term support, new potential resistance at 115.00/55.
115.55 Key Resistance on USD/JPY
Key Levels from Here
USD/JPY does appear to be holding support between 111/12 for now. This sign of stabilization could support a short-term rally since we have moved above prior resistance of 112.95. In the meantime, we could see this current trend aligning with a move higher toward the 21-DMA on the chart below, and higher toward 115.00/55.
On the chart above, you can see that a long-term trend-line may be holding up the price for now. Traders looking for specific key levels to grasp should be looking to the ~75 pip range from 112.27-113.02 that comprises the February 24 and February 25 lows.
T.Y.
Interested In Learning the Traits of FXCM’s Successful Traders? If So, Click Here
USD/JPY is coming off its largest monthly drop in February since October 2008. Of course, the subsequent move was a multi-year gain in the JPY. The next move will likely include a good deal of volatility, even if we do not have a clear understanding of direction going forward.
Looking to other asset classes like US Treasury yields that saw the 10Y climb as much as 10bps on Tuesday shows that the pressure to buy JPY is letting up for now. The 2-year yield is equally interesting as it is more of a proxy for expected monetary policy. For example, we see divergences in traditional stronghold relationships in other JPY crosses starting to favor JPY shorts.
Additionally, we see a boost in equity markets, which are also supporting the JPY crosses higher with 111 being a key support for now in USD/JPY. SPX500 has moved higher ~10% from the February 11 low and a further push higher could continue to favor the range with a push toward former long-term support, new potential resistance at 115.00/55.
115.55 Key Resistance on USD/JPY
Key Levels from Here
USD/JPY does appear to be holding support between 111/12 for now. This sign of stabilization could support a short-term rally since we have moved above prior resistance of 112.95. In the meantime, we could see this current trend aligning with a move higher toward the 21-DMA on the chart below, and higher toward 115.00/55.
On the chart above, you can see that a long-term trend-line may be holding up the price for now. Traders looking for specific key levels to grasp should be looking to the ~75 pip range from 112.27-113.02 that comprises the February 24 and February 25 lows.
T.Y.
Interested In Learning the Traits of FXCM’s Successful Traders? If So, Click Here
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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