Forex Daily Analysis : March 10, 2021

The daily forex analysis on March 10, 2021 this time discusses the movement of major currencies other than the US Dollar has strengthened, including the Japanese Yen in market trading last Tuesday, March 9, 2021. The strengthening of major currencies is due to the weakening of the US Dollar. The reason for the weakening of the US Dollar currency is due to the decline in US bond yields/bond yields. For today's trading, it is expected that USDJPY will still strengthen the Japanese Yen in the sense that the chart will decline. The greenback weakened against several other major currencies in Tuesday's trading. The weakening of the US dollar was due to a decline in the yield on US government 10-year bonds, this decline reached around 1.52% after for some time surged up and reached the highest level in 13 months.  The causative factor for the decline in bond yields is the attitude of market participants who expect that the US economic revival will occur and run faster than previously expected, in line with the country's rising inflation rate. The US $1.9 trillion Covid-19 pandemic relief stimulus package, which has been authorized and approved by Congress, is predicted to be able to move the wheels of the American economy towards a pre-pandemic normal point. According to the opinion of one of the Stonex analysts "Rhona O'Connell" said that, for the yield of bonds with long-term tenors that have fallen coupled with the weakening of the US Dollar against several other major currencies, it is one of the factors that is the driver of the increase in the price of Gold. The sell-off and changing the location of investment instruments carried out by market participants also made the price of Gold soar in trading on Tuesday yesterday. On the other hand, Rhona also underlined that there is a difference of opinion about market movements or the sentiment of market participants about bonds in the future. Some market participants think and think that the bond market will still see a further decline in the future, then for others where portfolio managers, it is possible that they will start a plan by switching their investment instruments.

Forex Daily Analysis Predictions

Today's FOREX prediction on the USDJPY pair is expected to weaken/rise and the recommended OP (Open Position) is BUY at the level of 108,900. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex on March 10, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.