Target Thursdays: USDJPY, Silver & Crude reach targets!

Check out these potential profits that you may have missed from our Daily Market Analysis.

• USDJPY bulls lock in 80 pips

• Silver up almost 3% this week

• Crude hits all bullish targets 

1) USDJPY rebound lends bulls support

• Where and when was Target Price (TP) published?

In our Trade of The Week article on Monday 11th March:

We cautioned around the possibility of a “technical rebound” and highlighted how the USDJPY’s “14-day relative strength index (RSI) was already flirting with the 30 level”.

Note: When the 14-day RSI hits or goes below 30, this signals that prices are oversold.  

• What happened since TP was published?

After failing to push lower, the USDJPY experienced a technical rebound on Tuesday thanks to the hotter-than-expected US inflation data.

This report cooled hopes around the Fed cutting interest rates in the coming months, boosting this dollar – which sent the USDJPY higher as a result.

Prices shot past the 147.20 resistance with the momentum briefly taking the currency pair above 148.00.

• How much in potential profits?

Traders who took advantage of the breakout above 147.20 and exited at 148.00 would have been rewarded with 80 pips.

Note: The USDJPY could be injected with fresh volatility on Friday due to the results of Japan’s wage negotiations.

  2) Silver hits fresh 2024 high

• Where and when was Target Price (TP) published?

In our article covering Silver on Wednesday, March 13th we maintained a bullish outlook for the precious metal due to technical forces.

“Silver is currently in a daily uptrend after breaking out of a ranging period…, if the price reaches the $24.676 level, a long scenario becomes feasible.”

• What happened since TP was published?

Silver prices rallied higher, hitting a fresh 2024 high above $25 and gaining almost 3% since the start of the week.

• How much in potential profits?

440 points for traders who bought silver at $24.676 and locked in profits at the second bullish price target at $25.116.

  3) Crude bulls enter the scene

• Where and when was Target Price (TP) published?

This technical scenario (Crude) is based on the FXTM Signals that are posted twice a day (before the London and New York sessions) for all FXTM clients to follow.

It can be found in the MyFXTM profile under Trading Services… FXTM Trading Signals.

• What happened since TP was published?

Oil prices initially rallied on Wednesday due to a surprise drop in U.S crude stockpiles and geopolitical risks concerning Ukraine/Russia.

The global commodity extended gains this morning (Thursday) after the International Energy Agency warned of a supply deficit throughout 2024.

• How much in potential profits?

Crude has hit all its profit targets.

Traders who entered at $79.49 and exited at the final target level of $79.83 would have gained 34 points.