- Foreign exchange rates are determined by a variety of factors;
- In recent years, the yen, dollar, and euro have shown stability;
- It is due to the course of monetary policy of the Bank of Japan, the Fed, and the ECB to achieve inflation within 2%;
- It is difficult to explain the yen's rapid rise in 2011 by the monetary base gap of Japan and other economies alone;
- The yen as a safe-haven currency tends to rise in moments of market turbulence; good thing that's not the case now;
- The current rise in Treasury yields is a reflection of optimism about economic recovery, but the COVID-19 situation remains the biggest risk factor for the outlook;
- The Central Bank is keeping a close eye on the forex situation as it affects the economy and prices.
USD/JPY, 30 min
Pivot: 109.08
Analysis:
Provided that the currency pair is traded above 108.90, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 109.08
- Take Profit 1: 109.35
- Take Profit 2: 109.45
Alternative scenario:
In case of breakdown of the level 108.90, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 108.90
- Take Profit 1: 108.75
- Take Profit 2: 108.60
Comment:
Technically RSI shows the possibility of an uptrend during the day.
Key levels:
Resistance Support
109.70 108.90
109.45 108.75
109.35 108.60
USD/JPY, D1
Pivot: 109.04
Analysis:
While the price is above 107.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 109.04
- Take Profit 1: 110.00
- Take Profit 2: 111.35
Alternative scenario:
If the level 107.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 107.00
- Take Profit 1: 106.10
- Take Profit 2: 104.90
Comment:
RSI shows a medium-term uptrend.
Key levels:
Resistance Support
112.20 107.00
111.35 106.10
110.00 104.90
USD/SGD Forecast Fundamental Analysis | US Dollar / Singapore Dollar
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