The USDJPY rate continues to plunge, hitting another annual low near 146.50 today. Discover more in our analysis for 11 March 2025.
USDJPY forecast: key trading points
- Market focus: according to revised data, Japan’s GDP rose by 0.6% in Q4 2024
- Current trend: trending downwards
- USDJPY forecast for 11 March 2025: 146.50 and 148.10
Fundamental analysis
The USDJPY pair hit a new annual low of 146.54 today. The Japanese yen is in demand amid growing concerns about the expansion of the global trade war and expectations of further benchmark interest rate hikes by the Bank of Japan.
Tomorrow during the American trading session, market participants will focus on the US inflation statistics for February, with the Consumer Price Index scheduled for release. Depending on the actual data, the pair could see increased volatility.
USDJPY technical analysis
The USDJPY H4 chart shows a steady bearish trend, which is confirmed by the Alligator indicator. The pair is trading in a descending price channel, with the quotes currently undergoing a local upward correction after rebounding from its lower boundary, which coincides with a strong support level at 146.50.
The USDJPY forecast for today suggests that the pair could continue to correct towards the 148.10 resistance level if the bulls gain a foothold above 147.00. However, if the bears continue to hold the initiative and reverse the quotes downwards, the pair could decline to the 146.50 support level.
Summary
The USDJPY rate returned to the area above 147.00 after bouncing off the strong support level at 146.50. The pair trend is downward, with the quotes likely to continue to decline after the correction is complete.
Source: Roboforex
