USDJPY: consolidation with Bullish Bias (Dec 13, 2013)
December 13, 2013 2:45 pmVideo
Latest News
- Analysis of EUR/USD pair on May 31st. EU inflation supports the euro May 31, 2024
- Analysis of GBP/USD pair on May 31st. The PCE index also works against the dollar May 31, 2024
- USD/JPY: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- Technical Analysis – US 100 stock index might lose more in short-term May 31, 2024
- EUR/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: trading plan for the US session on May 31st (analysis of morning deals). The pound was bought in the area of 1.2706 May 31, 2024
- EUR/USD: trading plan for the US session on May 31st (analysis of morning deals). The euro continued to grow May 31, 2024
- EUR/USD. May 31st. The economic data stopped the bears again May 31, 2024
- GBP/USD. May 31st. Bears remain weak and the pound rises alongside euro May 31, 2024
- Weekly Forex Outlook: 31/05/2024 – ECB cut might get eclipsed by BoC surprise and NFP May 31, 2024
- Cryptos consolidate as spot Ether ETF excitement fades – Crypto News May 31, 2024
- Technical Analysis – USDJPY may retest 157.70 May 31, 2024
- June forecast: Dollar index poised for growth May 31, 2024
- Week Ahead – ECB rate cut might get eclipsed by BoC surprise and NFP report May 31, 2024
- Forex forecast 05/31/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 31, 2024
- EUR/USD and GBP/USD: Technical analysis on May 31 May 31, 2024
- Market Comment – US and Eurozone inflation data in focus May 31, 2024
- Technical Analysis – EURGBP stuck around the crucial 0.8500 floor May 31, 2024
- Technical Analysis – USDCAD meets uptrend line again and again May 31, 2024
Overview:
USD/JPY is trading with bullish bias after hitting a six-month high of 103.63 this morning. It is underpinned by positive dollar sentiment (ICE spot dollar index last 80.19 versus 79.88 early Thursday) on stronger-than-expected 0.7% increase in U.S. November retail sales (versus forecast +0.6%) and larger-than-expected 0.7% rise in U.S. October business inventories (versus forecast +0.3%), raising odds that the Federal Reserve might start winding down its monthly $85 billion bond-buying program at its meeting on Dec. 17 and 18, although most market participants still see Fed tapering as a 2014 event. USD/JPY is also supported by higher U.S. Treasury yields; demand from Japan importers and investment trusts; weak yen sentiment on expectations that the Bank of Japan will expand monetary easing measures further to support economic growth and to reach its 2% inflation target by the end of March 2016–BOJ Gov. Kuroda told the Financial Times on Thursday that the bank intend to achieve the 2% inflation target and maintain that in a stable manner, suggesting ultra-easy money could remain in place well beyond the two-year timeframe the BOJ has given itself to achieve the goal. But dollar sentiment is dented by larger-than-expected 368,000 U.S. jobless claims in the week ended Dec. 7 (versus forecast 328,000), and 0.6% on-month drop in U.S. November import price index (versus forecast 0.5% drop). USD/JPY gains are also tempered by Japan exporter sales; positions adjustment before weekend.
Technical comment:
Daily chart is positive-biased as MACD and stochastics reverted to bullish mode; the 5- and 15-day moving averages are advancing.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 103.9 and the second target at 104.45. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 102.9. The breach of this target will move the pair further downwards and one may expect the second target at 102.4. The pivot point stands at 103.15.
Resistance levels:
103.9
104.45
104.8
Support levels:
102.9
102.4
101.9
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: