Technical analysis of USD/JPY for Feburary 10, 2014
February 11, 2014 8:05 amVideo
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Overview:
USD/JPY is expected to trade in higher range. It is underpinned by yen-funded carry trades amid positive investor risk sentiment (VIX fear gauge eased 11.26% to 15.29; S&P gained 1.33% Friday) as lower-than-expected 113,000 increase in U.S. January non-farm payrolls (versus +189,000) raised hopes the Federal Reserve would slow its tapering of its stimulus efforts, although the unemployment rate improved in line with expectations to 6.6% in January from 6.7% in December. USD/JPY is also supported by demand from Japan importers. But USD/JPY gains are tempered by the Japan exporter sales, lower U.S. Treasury yields, weaker dollar sentiment (ICE spot dollar index last 80.74 versus 80.89 early Friday) as the disappointing payrolls number heightened concerns about the U.S. economic recovery, while Janet Yellen is expected to sound dovish during her first congressional testimony on Tuesday.
Technical сomment:
Daily chart is mixed as MACD is in bearish mode, but stochastics is rising from oversold zone.
Trading recommendation:
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 102.65 and the second target at 102.9. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.55. A breach of this target will push the pair further downwards and one may expect the second target at 101.2. The pivot point is at 102.05.
Resistance levels:
102.65
102.9
103.25
Support levels:
101.55
101.2
100.75
The material has been provided by InstaForex Company – www.instaforex.com
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