Forex Daily Analysis : March 24, 2021

The daily forex analysis of March 24, 2021 will discuss the movement of the Japanese Yen currency which managed to show its strength in the market on Tuesday, March 23, 2021. The strengthening of the yen was supported by optimistic signals from market participants about the inflation rate in Japanese consumers released by the Bank of Japan. In today's market trading, Wednesday, March 24, 2021, it is expected to continue its strengthening against the US Dollar. Especially after the release of the Manufacturing PMI Index data which turned out to be positive, the data was released at 52.0 above the prediction of only 51.3 and the previous period was 51.4. The growth of Japan's manufacturing activity data in March occurred because the current global economic recovery is affected by more and more countries in the world competing to provide Covid-19 vaccines. This PMI data is carried out by Jibun Bank which shows that Japan's manufacturing activities are also supported by an increase in sales and orders for new products. This sale shows that the company's expectations for progress in the future will also continue. Despite the good picture of Japan's economy, on the other hand, manufacturers are still holding back and limiting in terms of accepting labor despite increased sales and orders. This triggered the number of termination of employment for about 3 consecutive months to be quite high. The condition of the US Dollar strengthened against several other major currencies, on Tuesday. The strengthening of the US dollar is closely related to the remarks of Fed Chair Jerome Powell and Treasury Secretary Janet Yellen. Regarding the speech of the chairman of the US Central Bank Jerome Powell, according to predictions, he maintained his optimistic outlook on the American economy and also remained cautious while maintaining fiscal stimulus. It is different with the chairman of the Dallas State Central Bank "Robert Kaplan" who gave his view too hawkish, who gave his view and predicted that there would be an interest rate hike in 2022. However, the views of Federal Reserve chairman Lael Brainard and St. Louis Fed chairman James Bullard provide more diverse views of the American economy. It is different with the Minister of Finance "Janet Yellen" who gave her opinion that she actually ruled out concerns about rising individual taxes in the US, but this was not responded to by market participants. Between Powell and Yellen each have different views regarding predictions on asset prices. Janet Yellen gave her view that asset prices are likely to increase, while Jerome Powell is more likely to see asset price forecasts vary depending on the level of demand that arises in them.

Forex Daily Analysis Predictions 

Today's FOREX prediction on the USDJPY pair is expected to strengthen/decline and the recommended OP (Open Position) is SELL at the level of 108,400. 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 24, 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.