USD/JPY: Bullish bias
April 25, 2013 3:00 pmVideo
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Overview:
USD/JPY is trading in higher range. Liquidity thin in early Asian trading as Australia and New Zealand’s markets shut on Thursday for holiday. USD/JPY is supported by negative yen sentiment on Bank of Japan’s aggressive easing measures to help reach its 2% inflation target in two years; demand from Japan importers and investment trusts. But USD/JPY gains tempered by Japan exporter sales; weaker USD sentiment after U.S. durable goods orders fell by bigger-than-expected 5.7% in March (vs. minus 2.9% forecast). Data focus: 12:30 GMT U.S. April 20 weekly jobless claims, 15:00 GMT Kansas City Fed Manufacturing Activity Index. Daily chart is positive-biased as MACD and stochastics are bullish; five- and 15-day moving averages are rising.
Trading recommendations:
The pair is trading above its pivot point at 99.17. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, it will be most favorably to trade in higher range and buy position is recommended above its pivot with first target at 99.77 and second target at 99.99-100.00. You should keep in view short position below the pivot. The first target is at 98.48. If the pair breaches this target, it will move the pair downward further. Expect the second target at 98.10. Pivot point stands at 98.9.
Resistance levels:
R1 – 99.77 (Wednesday’s high), R2 – 99.99-100.00 (Monday’s four-year high-psychological line), R3 – 100.4
Support levels:
S1 – 98.48 (Tuesday’s low), S2 – 98.10 (Friday’s low), S3 – 97.62 (April 18 low)
The material has been provided by InstaForex Company – www.instaforex.com
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