USD/JPY Showing 'Bullish' Signs Towards March 2023 Close?


 Price movements on the market towards the end of March are increasingly uncertain with changes in price fluctuations that add to investors' trading risks.

The US dollar currency was seen showing weak movements in the European session yesterday, but it was a different story in the New York session when it strengthened slightly compared to several major currencies.

Among them, it is clear that the strengthening of the US dollar is displayed on the Yen, which has shown a dismal performance this week towards the end of the fiscal year for Japan.

This situation translates into price movements on the chart of the USD/JPY currency pair which displays yesterday's rising price pattern.

Unlike the price which was flat at 130,500 last Tuesday, the price increase on Wednesday yesterday has reached around 132,800.

A clear price move above the Moving Average 50 (MA50) support level can be an early indication of the start of a bearish price movement.

However, the price that resumed trading today (Thursday) is seen to be flat after reaching yesterday's high.

If the price increase continues successfully, the price is seen to be around 133.700 before continuing to advance to the 135.00 zone.

On the other hand, if the situation starts to change and sees the price make a natural dive, breaking the 132.00 level and the MA50 support will be an early indication of a trend change.

The price drop if continued lower will reach the support zone which is around 129.700-129.300.