USD/JPY Within Familar Range Stuck Around 20 DMA
USD/JPY has been better bid for the past number of sessions, although the 20 dma has not been an easy task for the bulls, at 113.32 today while the pair has made highs of 113.92 on dollar weakness to close the week down.
The big test will come next week as we move into Central Bank territory, dominating the themes for markets ate bringing back attention to whether the Fed can continue on its path of tightening monetary policy exposing the possible divergence between the BoJ and Fe3d yet again. Such sentiment will weigh on the Yen while otherwise, risk off sentiment continues to support the recovery int he Japanese currency.
Central Banks next week in key focus - BBH
USD/JPY levels
The failures at 115.07, 38.2% retracement of the move down from the February peak exposed the downside in the major and the pair has been unable to make a convincing come back since reaching the lows at 110.97 and 10th Feb price action.
While 114.26 was the high on 2nd March business in the recovery and sideways wide channel that has formed since the aforementioned downtrend. In the 4 hours chart, the ma's are bearish and a target of a break below 112.10 could quickly expose 23rd Feb stick lows of 111.03 again.
(Market News Provided by FXstreet)
