USDJPY surges, gaining 53 pips (0.48%) within a single day
US Dollar/Japanese Yen (USDJPY) Technical Analysis Report for Mar 14, 2019 | by Techniquant Editorial Team
USDJPY finished Thursday at 111.69 surging 53 pips (0.48%). This is the biggest single-day gain in over a month. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 111.46, the FX pair confirmed its breakout through the previous session high after trading up to 37 pips above it intraday.
Daily Candlestick Chart (USDJPY as at Mar 14, 2019):
Thursday's trading range has been 69 pips (0.62%), that's above the last trading month's daily average range of 50 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for USDJPY.
One bullish candlestick pattern matches today's price action, the White Candle.
The Yen managed to close back above the 200-day moving average at 111.43 for the first time since March 7th. When this moving average was crossed above the last time on February 28th, USDJPY gained 0.47% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Its common bullish interpretation has been confirmed for USD/JPY. Out of 40 times, USDJPY closed higher 57.50% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.00% with an average market move of 0.29%.
With five out of the other six Major FX Pairs closing lower today, the ones that stand out on the negative side are GBPUSD losing -0.73% and NZDUSD closing -0.48% lower. On the flipside the best performer has been USDCAD closing 0.26% higher. Looking at the Minor FX Pairs and Crosses, the winners of the day have been CHFZAR surging 0.82% and USDZAR closing 0.8% higher. The worst performers of the day have been GBPHKD tanking -0.73% and GBPCHF closing -0.72% lower. Read more