USDJPY FUNDAMENTAL AND TECHNICAL IDEA FOR THE WEEK...
Updated
ACCODING TO FXSTREET USD/JPY is down for the second session in a row so far on Good Friday, navigating the vicinity of the 200-day SMA near 108.30 against the backdrop of increasing concerns on the coronavirus outbreak in Japan, extra stimulus pumped by the Federal Reserve and scepticism on the recently announced emergency economic package by the Japanese government.
In fact, Tokyo is expected to announce suspension measures in several businesses in light of the broad-based state of emergency declared in the country following the pick-up in infected cases as of late.
Furthermore, investors remain sceptical on the effectiveness to counter the impact of the COVID-19 on the economy of the ¥108 trillion stimulus package released by the government earlier in the week, hinting at the likeliness that extra fiscal measures would surely be needed.
In the US, the Federal Reserve said it will inject $2.3 trillion in order to support local governments and small-medium sized companies. The Fed’s measure came after weekly claims rose by around 6.6 million during last week.
https://www.fxstreet.com/currencies/usdjpy
The dollar index on Thursday dropped to a 1-week low after the Fed expanded its measures to boost liquidity. The dollar also fell back on weaker-than-expected U.S. economic data
ANYTHING CAN STILL HAPPEN THIS COMING WEEK IN THE MARKETS BUT I'M LOOKING FOR LONG IN THE PAIR
WE SAW A RETEST AND WE WILL POSSIBLY SEE A RISE IN THE PAIR
MY TARGETS WOULD BE FIB EXT 0.236 (109.42) TP1
TP2 - FIB EXT 0.382 (110.97)
TP3 - FIB EXT 0.618 ( 113.46)
SL - 107.24 RISK MANAGEMENT
PERIOD - SWING
In fact, Tokyo is expected to announce suspension measures in several businesses in light of the broad-based state of emergency declared in the country following the pick-up in infected cases as of late.
Furthermore, investors remain sceptical on the effectiveness to counter the impact of the COVID-19 on the economy of the ¥108 trillion stimulus package released by the government earlier in the week, hinting at the likeliness that extra fiscal measures would surely be needed.
In the US, the Federal Reserve said it will inject $2.3 trillion in order to support local governments and small-medium sized companies. The Fed’s measure came after weekly claims rose by around 6.6 million during last week.
https://www.fxstreet.com/currencies/usdjpy
The dollar index on Thursday dropped to a 1-week low after the Fed expanded its measures to boost liquidity. The dollar also fell back on weaker-than-expected U.S. economic data
ANYTHING CAN STILL HAPPEN THIS COMING WEEK IN THE MARKETS BUT I'M LOOKING FOR LONG IN THE PAIR
WE SAW A RETEST AND WE WILL POSSIBLY SEE A RISE IN THE PAIR
MY TARGETS WOULD BE FIB EXT 0.236 (109.42) TP1
TP2 - FIB EXT 0.382 (110.97)
TP3 - FIB EXT 0.618 ( 113.46)
SL - 107.24 RISK MANAGEMENT
PERIOD - SWING
Trade closed: stop reached
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