Technical analysis of USD/JPY for Feburary 13, 2014
February 13, 2014 3:40 pmVideo
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Overview:
USD/JPY is expected to consolidate. Buoyed by positive dollar sentiment (ICE spot dollar index last 80.68 versus 80.63 early Wednesday) after Federal Reserve Chairwoman Yellen in her Congressional testimony on Tuesday indicated the central bank will continue reducing its monthly bond purchases. USD/JPY is also supported by the higher U.S. Treasury yields, ultra-loose Bank of Japan’s monetary policy stance and demand from Japan’s importers. But USD/JPY gains are tempered by Japan’s export sales and selling of the yen crosses amid diminished investor risk appetite (S&P fell 0.03%, DJIA off 0.19% overnight).
Technical сomment:
Daily chart is positive-biased as stochastics is bullish, MACD histogram bars are turning positive; five-day moving average is rising above 15-day MA.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 101.65 in mind. A breach of this target will move the pair further downwards to 101.2. The pivot point stands at 102.4. In case the price moves in the opposite direction, bounces back from support level, and then moves above its pivot point, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended with the first target at 102.7 and the second target at 102.95.
Resistance levels:
102.7
102.95
103.25
Support levels:
101.65
101.2
100.75
The material has been provided by InstaForex Company – www.instaforex.com
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