Yen Enjoys Safe Haven Flows On Doom And Gloom, More To Come?

Here are the events lined up in Japan:

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Japan macro events March 11 15 2019

USD/JPY Technical Analysis

Dollar/yen struggled to extend its gains after hitting a high of 112.12. The pair broke above the 200-day Simple Moving Average but could not keep up. The drop back below the indicator is a bearish sign. Momentum remains upbeat, and USD/JPY is trading above the 50-day SMA, so the picture remains mostly bullish.

111.00 is a round number that is fought over. Significant support awaits at 110.25 which supported the pair twice in February and separates ranges. 109.50 provided support in early February when it traded at lower ground. 109.10 had the same role in January and 108.50 was a swing low in late January.

111.45 worked as support in early March and capped the pair around Christmas. 112.12 was the recent peak mentioned earlier. It is followed by 112.60 that provided support in late 2018 and 113.10 was a cushion in December, when USD/JPY was trading on high ground.

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USD JPY technical daily chart March 11 15 2019

USD/JPY Sentiment

The doom and gloom are unlikely to diminish easily, despite all the help from central banks, even from the BOJ. A big breakthrough in US-Chinese talks is needed or impressive US data. And these may come in short supply.

The FXStreet forex poll of experts shows a bullish trend in the short and medium terms but a downfall afterward. The targets show a downward trajectory. The average targets are marginally lower than last week on all timeframes.

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USD JPY FX Poll experts March 11 15 2019

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