18.03.2020 USDJPY Analysis

18.03.2020 USDJPY Analysis On the first trading day of the week, the Fed went on a surprise 100 basis point rate cut, taking its funding interest to a range of 0 - 0.25 percent and pledging to increase its bond purchases by at least $ 700 billion. Weak economic data continued to flow in Japan for the second trading day of the week, while retail sales in the US, announced in February, fell 0.5 percent before the effects of coronavirus on the economy were yet to be seen. Industrial production data rose 0.6 percent. During the day, as the effects of the virus spread in global markets continued, the first vaccine prepared against coronavirus in the United States began to be tested on volunteers. Following the developments at the end of the day, the USD/JPY parity continued its upward movement. Technically, the USD / JPY pair remains stable at 107.20. 106.60, 106.00 and 105.50 levels are important support levels to follow in case the downward trend continues as long as 107.80 is below the resistance level. If the trend in the parity is upward with possible purchases, 107.80, 108.20 and 108.80 resistance levels can be followed. [mstock id= " 1604"]