Technical analysis of USD/JPY for Sep 03, 2014
September 3, 2014 8:20 amVideo
Latest News
- Technical Analysis – GBPUSD posts 2-month high before paring some gains May 29, 2024
- OPEC+ supply cuts to stay, but patience might start running out – Special Report May 29, 2024
- USD/JPY: Simple trading tips for novice traders on May 29th (US session) May 29, 2024
- GBP/USD: Simple trading tips for novice traders on May 29th (US session) May 29, 2024
- EUR/USD: Simple trading tips for novice traders on May 29th (US session) May 29, 2024
- Trading Signals for GOLD (XAU/USD) for May 29-31, 2024: sell below $2,346 (oversold- 200 EMA) May 29, 2024
- Trading Signals for EUR/USD for May 29-31, 2024: sell below 1.0851 (21 SMA – 200 EMA) May 29, 2024
- GBP/USD: trading plan for the US session on May 29th (analysis of morning deals). The pound continues its correction May 29, 2024
- EUR/USD: trading plan for the US session on May 29th (analysis of morning deals). The euro is pushing in the channel May 29, 2024
- EUR/USD. May 29th. Bulls are running out of strength, but inflation can help them May 29, 2024
- GBP/USD. May 29th. The pound is not worried about the lack of drivers May 29, 2024
- US stock markets rally but volatility plunges – Stock Markets May 29, 2024
- Video market update for May 29, 2024 May 29, 2024
- Market Comment – Dollar trades sideways as focus turns to US yields May 29, 2024
- Nasdaq hits 17,000 milestone as market swings continue May 29, 2024
- Forex forecast 05/29/2024: EUR/USD, EUR/JPY, GBP/JPY and Oil from Sebastian Seliga May 29, 2024
- USD/JPY: trading tips for beginners for European session on May 29 May 29, 2024
- GBP/USD: trading tips for beginners for European session on May 29 May 29, 2024
- Will core PCE inflation spur a less hawkish Fed? – Preview May 29, 2024
- EUR/USD: trading tips for beginners for European session on May 29 May 29, 2024
Overview:
USD/JPY is expected to consolidate with a bullish bias after hitting a nine-month high at 105.22 on Tuesday. It is underpinned by the positive dollar sentiment (ICE spot dollar index last 82.97 versus 82.76 early Tuesday) and higher U.S. Treasury yields (10-year at 2.423% versus 2.345% late Friday) after a surprise rise in U.S. ISM manufacturing PMI to 59.0 in August–its highest since March 2011–from 57.1 in July (defying forecast for a drop to 56.8), stronger-than-expected 1.8% increase in U.S. July construction spending (versus forecast +1.2%), as well as a rise in U.S. IBD/TIPP Economic Optimism Index to 45.2 in September after 44.5 in August. USD/JPY is also supported by the demand from Japanese importers and the weak JPY sentiment anticipation of increased offshore asset allocation by Japan’s Government Pension Investment Fund. But USD/JPY gains are tempered by Japanese export sales and lingering worries over the situation in Ukraine.
Technical comment:
The daily chart is positive-biased as MACD and stochastics are bullish, although latter is in the overbought zone, five and 15-day moving averages are advancing. .
Trading recommendations:
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 105.40 and the second target at 105.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 104.55. A break of this target would push the pair further downwards and one may expect the second target at 104.35. The pivot point is at 104.70.
Resistance levels:
105.40
105.60
105.80
Support levels:
104.55
104.35
104.20
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: