Technical analysis of USD/JPY for Feburary 10, 2014
February 11, 2014 4:00 pmVideo
Latest News
- What do Q1 earnings hold for Disney’s stock? – Stock Markets May 1, 2024
- Will the post-FOMC jobs report move the dollar? – Preview May 1, 2024
- Forex forecast 05/01/2024: EUR/USD, GBP/USD, USD/JPY, SP500 and Oil from Sebastian Seliga May 1, 2024
- Market Comment – Dollar enjoys a bid; stocks concerned about a hawkish Fed May 1, 2024
- Technical Analysis – Gold seeks safety after Tuesday’s drop May 1, 2024
- Technical Analysis – USDJPY stabilizes a tad below 160.00 May 1, 2024
- Video market update for April 30, 2024 April 30, 2024
- Analysis of the EUR/USD pair on April 30, 2024 April 30, 2024
- Analysis of the GBP/USD pair on April 30th. Last chance for the dollar April 30, 2024
- GBP/USD: Simple trading tips for novice traders for April 30th (US session) April 30, 2024
- EUR/USD: Simple trading tips for novice traders for April 30th (US session) April 30, 2024
- GBP/USD: trading plan for the US session on April 30th (analysis of morning deals). The pound is kept within the side channel April 30, 2024
- Could Monday’s intervention turn the tide for the yen? – Special Report April 30, 2024
- EUR/USD: trading plan for the US session on April 30th (analysis of morning deals). The euro is trying to end the month on April 30, 2024
- Trading Signals for Bitcoin (BTC/USD) for April 30 – May 7, 2024: sell below $62,500 (21 SMA – 4/8 Murray) April 30, 2024
- Trading Signals for Ethereum (ETH/USD) for April 30 – May 7, 2024: sell below $3,177 (21 SMA – 1/8 Murray) April 30, 2024
- Technical Analysis – Is US 100 setting course for new record highs? April 30, 2024
- EUR/USD. April 30th. Sellers await weak inflation data in the EU April 30, 2024
- GBP/USD. April 30th. Bulls continue to attack, but American reports could help the bears April 30, 2024
- Besides yen pairs, neutral volatility across the board ahead of Fed and NFP – Volatility Watch April 30, 2024
Overview:
USD/JPY is expected to consolidate after hitting its six-day high of 102.65 on Monday as markets await the Federal Reserve Chairwoman Janet Yellen’s first semiannual testimony before the U.S. House Financial Services Committee. Ms. Yellen is expected to deliver a message of continuity in U.S. monetary policy. Liquidity was thin in Asia today as financial markets in Japan were shut for holiday. USD/JPY is undermined by subdued investor risk appetite, soft U.S. dollar sentiment (ICE spot dollar index last 80.63 versus 80.74 early Monday) as Friday’s weaker-than-expected U.S. January non-farm payrolls data continue to weigh and buy-yen orders from Japan exporters. But USD/JPY downside is limited by sell-yen orders from Japan’s importers and ultra-loose Bank of Japan’s monetary policy stance.
Technical сomment:
Daily chart is mixed as MACD is in bearish mode, but stochastics is rising from an 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
Related Posts: