USD/JPY: Bullish Bias (November 19, 2013)
November 19, 2013 3:15 pmVideo
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Overview:
USD/JPY is consolidating. The rate is undermined by unwinding of JPY-funded carry trades amid waning risk appetite (VIX fear gauge rose 7.47% to 13.1, S&P closed down 0.37% at 1791.53 after hitting record high 1802.33 overnight) as investors turned cautious ahead of Wednesday’s release of the Federal Open Market Committee meeting minutes. USD/JPY also weighed by soft dollar sentiment amid expectations that the Federal Reserve is in no rush to scale back its $85 billion-a-month bond-buying program; weaker-than-expected U.S. November NAHB housing market index (came in at 54 versus 55 forecast); lower U.S. Treasury yields; Japan exporter sales. But USD/JPY losses are tempered by demand from Japan importers.
Technical comment:
Daily chart is mixed as MACD is bullish, 5- and 15-day moving averages are advancing; but stochastics is turning bearish at overbought.
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 far as the price is above its pivot point, a long position is recommended with the first target at 100.45 and the second target at 100.85. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 99.5 the breach of this target will move the pair further downwards and one may expect the second target at 98.3. The pivot point stands at 99.75.
Resistance levels:
100.45
100.85
101.25
Support levels:
99.5
99.3
98.85
The material has been provided by InstaForex Company – www.instaforex.com
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