The US dollar is weakening against the Japanese yen and the euro. The Bank of Japan (BoJ) meeting on March 18-19 is eyed by investors for signs of a policy change. The BoJ is unlikely to raise rates but could signal an end to its yield curve control policy. The Federal Reserve is expected to cut rates in June due to a softer US labor market.


Japanese Yen (JPY)

  • JPY strengthened against the USD for the fourth consecutive day.
  • Japan’s GDP narrowly avoided a recession in Q4 2023, growing 0.1%.
  • Domestic demand in Japan remains weak.


British Pound (GBP)

  • GBP weakened against the USD.
  • The UK employment report is expected on Tuesday. The unemployment rate is expected to remain steady at 3.8% in Q1 2024.
  • Wage growth is expected to decline.
  • The Bank of England (BoE) will be closely monitoring the employment data.


Oil (USCrude)

  • The short-term trend for oil is up.
  • Traders may consider buying at support levels (A) 77.01 – 76.68 or (B) 75.36 – 74.87.



  • The short-term uptrend for gold continued.
  • Traders may consider buying at support levels (A) 2151 – 2146 or (B) 2129 – 2122.



  • The euro continues to trade in a short-term uptrend.
  • If the resistance at 1.0972 – 1.0946 holds, the price will go into a downward correction.
  • Traders may consider buying at support levels (A) 1.0897 – 1.0888 or (B) 1.0855 – 1.0842.


Bitcoin (BTCUSD)

  • Bitcoin is expected to rise in subwave 5 of impulse wave (3) to 72,900.00.
  • Buy: 68,463.90, Take profit: 72,900.00


Ripple (XRPUSD)

  • XRP is expected to grow in subwave (3) to the high of 0.663 marked by wave (1).
  • Buy: 0.605, Take profit: 0.663


Ethereum (ETHUSD)

  • Ethereum is expected to rise to 4183.00.
  • Buy: 3855.79, Take profit: 4183.00


Important Events

  • Bank of Japan meeting: March 18-19
  • UK employment report: Tuesday
  • Federal Reserve meeting: March 21



The Japanese yen is the strongest currency right now, while the US dollar is weakening. The upcoming central bank meetings in Japan and the US will be key events to watch in the coming days. Oil and gold prices could see some gains, while the euro faces potential downside risks. Bitcoin, Ripple, and Ethereum are all expected to continue their uptrends.

Categories: Market News

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