MARCH 2017 Forecasts of USD/JPY Market

The USD/JPY parity is one of the leading currency pairs of the world today. As a general outlook of February, it was a fluctuating month for the parity on the global forex market. When we look at the Japanese Yen side, Trump seems to have raised concerns about the immigration decree, while the same concern is on the Dollar side. Despite the worry of Trump on the market, the US is lagging a positive week in the data stream. This can also be a limiting factor in front of the hard-line retreats.

Besides, Fed president J. Yellen and other Fed members shed light on an interest rate increase in March, but the belief in this situation is very low on the market. This does not support the rise in the dollar index. Technically speaking, persistence above the 113.00 level is crucial for visibility of USD/JPY rallies, with the numbers at 114,80 and 115,70 can be targeted in ascending order. In the case of weak USDJPY trading, 112,45 and 111,80 support levels can be followed.

Support level : 112,45 / 111,80
Resistance level : 114,80 / 115,70