USD/JPY: Bullish bias
May 28, 2013 3:45 pmVideo
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Overview:
USD/JPY is trading with risks skewed lower. The rate is undermined by doubts over feasibility of Bank of Japan’s policy approach after minutes from BOJ’s April policy meeting indicated some uncertainty among board members over central bank’s goals. This as BOJ’s aggressive easing measures to achieve 2% inflation target also led to rise in Japanese government bond yields (10-year JGB yield closed Monday at 0.83% compared with 0.455% on April 4) against the Bank’s stated desire to lower interest rates across the yield curve. USD/JPY is also undermined by non-Japanese investors’ portfolio-hedging adjustments in wake of Nikkei’s recent large losses; and Japan exporter sales. But USD/JPY losses tempered by demand from Japan importers.
Trading recommendations:
The pair is trading above its pivot point. It 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, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 102.6 and the second target at 103. You should keep in view short position below the pivot keep of the first target at 100.85, breach of this target will move the pair downward further and expect the second target at 100.55. The pivot point stands at 101.3.
Resistance levels:
R1 – 102.6
R2 – 103
R3 – 103.15
Support levels:
S1 – 100.85
S2 – 100.55
S3 – 100.2
The material has been provided by InstaForex Company – www.instaforex.com
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