Technical analysis of USD/JPY for January 08, 2014
January 8, 2014 12:45 pmVideo
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Overview:
USD/JPY is expected to trade with bullish bias. Spotlight on 19:00 GMT Federal Open Market Committee meeting minutes as investors seek further insight into the Federal Reserve’s thinking on monetary policy. USD/JPY is underpinned by improved dollar sentiment (ICE spot dollar index last 80.86 versus 80.65 early Tuesday) and yen-funded carry trades amid positive investor risk sentiment (VIX fear gauge eased 4.65 to 12.92, S&P up 0.61% overnight) on surprise fall in U.S. trade gap to $34.25 billion in November (versus forecast increase to $40.0 billion) from revised $39.33 billion in October for smallest deficit since October 2009. USD/JPY is also supported by demand from Japan importers and investment trusts; expectations that the Bank of Japan will ease monetary policy further ahead of Japan’s national sales tax hike which is due in April. But USD/JPY gains are tempered by Japan exporter sales; lower U.S. Treasury yields; caution ahead of Friday’s U.S. December nonfarm payroll report.
Technical comment:
Daily chart is still negative-biased as MACD and stochastics are in bearish mode; although inside-day-range pattern was completed on Tuesday.
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 105.1 and the second target at 105.4 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 104.2.The breach of this target will move the pair further downwards and one may expect the second target at 104. The pivot point stands at 104.5.
Resistance levels:
105.1
105.4
105.85
Support levels:
104.2
104
103.8
The material has been provided by InstaForex Company – www.instaforex.com
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