USD/JPY: Bullish bias (November 22, 2013)
November 22, 2013 3:30 pmVideo
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Overview:
USD/JPY is consolidating with bullish bias after hitting two-month high 101.19 this morning. The rate is underpinned by weaker yen sentiment after Bank of Japan governor Kuroda said the BOJ won’t hesitate to make necessary adjustments if either upside or downside risks to the Japanese economy materialize, suggesting more monetary easing could be on the way should Japan’s exit from deflation be threatened by a consumption-tax rise next April. USD/JPY is also supported by demand from Japan importers and investment trusts; yen-funded carry trades amid positive risk sentiment (VIX fear gauge eased 5.52% to 12.66; S&P rose 0.81% overnight) as investors cheered the Senate Banking Committee’s approval of Janet Yellen’s nomination to become Federal Reserve chairwoman next year, sending her name to the full Senate for a final confirmation vote; positive dollar sentiment even as investors shrugged off hawkish minutes of the Fed’s October meeting, deeming the U.S. economy strong enough to withstand earlier Fed’s tapering of its bond-buying program after bigger-than-expected drop in U.S. jobless claims to 323,000 in the week ended Nov. 16 (versus forecast 335,000) from upwardly revised 344,000 in prior week, rise in Markit U.S. flash manufacturing PMI to 54.3 in November from 51.8 in October. But dollar sentiment dented by bigger-than-expected drop in Philadelphia Fed’s index of general business activity to 6.5 in November (versus 15.0 forecast) from 19.8 in October. USD/JPY gains also tempered by Japan exporter sales; positions adjustment before weekend.
Technical comment:
Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought, 5- 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 far as the price is above its pivot point, a long position is recommended with the first target at 101.55 and the second target at 101.8. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 100.35 the breach of this target will move the pair further downwards and one may expect the second target at 99.8. The pivot point stands at 100.65.
Resistance levels:
101.55
101.8
102.25
Support levels:
100.35
99.8
99.3
The material has been provided by InstaForex Company – www.instaforex.com
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