Technical analysis of USD/JPY for January 06, 2014
January 6, 2014 4:15 pmVideo
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Overview:
USD/JPY is to trade in a higher range. The pair is underpinned by positive dollar sentiment (ICE spot dollar index posted 80.86 versus 80.58 early Friday) after Federal Reserve Chairman Bernanke gave upbeat assessment of the U.S. economic growth in coming quarters and stressed that the Fed can manage the exit from its easy-money policies; Fed’s Plosser said the regulator may be “aggressive” about hiking interest rates; Fed’s Lacker suggested that the Fed could raise its key policy rate as early as the end of this year. USD/JPY is also supported by the higher U.S. Treasury yields. Besides, there are expectations that the Bank of Japan will ease monetary policy further ahead of Japan’s national sales tax hike which is due in April. Moreover, the demand among Japan importers and investment trusts came into play. But USD/JPY gains are tempered by Japan’s exports.
Technical Comment:
Daily chart is still negative-biased as MACD & stochastics are in bearish mode.
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 104.95 and the second target at 105.15 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 103.8.The breach of this target will move the pair further downwards and one may expect the second target at 103.35. The pivot point stands at 104.05.
Resistance levels:
104.95
105.15
105.45
Support levels:
103.8
103.35
103
The material has been provided by InstaForex Company – www.instaforex.com
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