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Daily Analysis By FXGlory
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[QUOTE="FXGlory Ltd, post: 339477, member: 106971"] [B]USDJPY analysis for 08.03.2024 [ATTACH type="full"]60287[/ATTACH] Time Zone: GMT +2 Time Frame: 4 Hours (H4)[/B] On the H4 chart, USD/JPY continues to trace a pronounced downward trajectory, manifesting through a pattern of descending highs and lows, which underscores a solid bearish stance. The economic interplay between the U.S. and Japan, encompassing U.S. fiscal updates and the Bank of Japan's policy adjustments, plays a significant role, with the yen's appeal as a refuge in times of global financial instability being particularly noteworthy. Technical assessments corroborate the downtrend, with the price's position beneath the Ichimoku cloud signaling negative momentum, Bollinger Bands highlighting the potential for an oversold market due to persistent downward pressure, and the MACD's below-signal line movement indicating an acceleration of bearish momentum. The RSI's drop below 30 hints at a possible forthcoming correction. The pivotal levels identified include a resistance at 148.180 and a support at 147.530. Participants are advised to monitor economic developments closely and adhere to sound risk management tactics. [B]Disclaimer[/B]: This analysis is provided for informational purposes only and does not constitute investment advice. Traders should conduct their own due diligence and consider their risk appetite prior to engaging in trading. [B] Discover detailed market insights and strategic trading tips by visiting FXGLORY.COM. FXGlory 08.03.2024 [ATTACH type="full"]60288[/ATTACH][/B] [/QUOTE]
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