Technical analysis of USD/JPY for February 5, 2014
February 5, 2014 6:45 am
In Asia, Japan will release the Average Cash Earnings y/y and the US will release some economic data such as US-ADP Non-Farm Employment Change, US-Final Services PMI, US-ISM Non-Manufacturing PMI, US-Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.
Today’s technical levels:
Resistance. 3: 101.88.
Resistance. 2: 101.68.
Resistance. 1: 101.48.
Support. 1: 101.23.
Support. 2: 101.03.
Support. 3: 100.83.
DESCRIPTION:
Please, pay attention to the levels of support 3 (100.83) and resistance 3 (101.88). Normally, when a level is touched, the USD/JPY is likely to rebound from the previous minimum by 10 to 20 pips. However, in case the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
The material has been provided by InstaForex Company – www.instaforex.com
In Asia, Japan will release the Average Cash Earnings y/y and the US will release some economic data such as US-ADP Non-Farm Employment Change, US-Final Services PMI, US-ISM Non-Manufacturing PMI, US-Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.
Today’s technical levels:
Resistance. 3: 101.88.
Resistance. 2: 101.68.
Resistance. 1: 101.48.
Support. 1: 101.23.
Support. 2: 101.03.
Support. 3: 100.83.
DESCRIPTION:
Please, pay attention to the levels of support 3 (100.83) and resistance 3 (101.88). Normally, when a level is touched, the USD/JPY is likely to rebound from the previous minimum by 10 to 20 pips. However, in case the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
The material has been provided by InstaForex Company – www.instaforex.com
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