USDJPY Technical Overview
The USD/JPY currency pair, also known as the gopher, belongs to the group of Majors. Find out why it is so appealing to forex traders worldwide.
The USD/JPY is one of the world’s most liquid currency pairs, which accounts for a significant quantity of daily trading, and is especially popular amongst technical traders.
Its popularity is due to different reasons, the main of which are the high levels of liquidity in terms of trading volumes and number of players, and sensitivity to big long-term trends, means that the market constantly changes, develops different patterns, and so on.
Trading a major currency pair such as USD/JPY is especially appealing for technical traders who use trends and patterns on the chart as their signals, and can therefore benefit from the dynamic and ever changing environment of the Ninja.
As with all currencies, economic and political events, the import and export trade in the country, and occasional crises can play a part in affecting the fluctuations in the exchange rate.
Financial institutions, such as the Bank of Japan (BOJ), release regular reports which traders pay attention to when trying to determine future movements. Other pieces of data to look out for are the Non-Farm Payroll numbers, reports issued by the US Federal Reserve Bank, Tankan Report, the Tokyo Area CPI.
On top of that, the economy of Japan can be affected immensely by events like natural (or national) disasters which occur in the region. These types of events can play havoc with the value of the yen and cause significant fluctuations in USD-JPY exchange rates.
Technical Forecast for USD/JPY
Technical USD/JPY forecast focuses on the technical analysis and key levels depending on the selected time-frame. Shift between time-frames to learn the technical analysis for USD/JPY in real time.
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