USDJPY: Bullish Bias (Oct 08, 2013)
October 8, 2013 2:15 pmVideo
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Overview:
USD/JPY is consolidating with bullish bias after hitting near-two-month low of 96.55 this morning. It is undermined by flows to the haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 15.95% to 19.41, S&P fell 0.85% overnight), and negative dollar sentiment, as the U.S. federal government enters the eighth day of a partial shutdown, and investors are nervous about a U.S. technical default. Beijing and Tokyo Monday voiced their concerns that the political impasse in Washington could lead to an unprecedented U.S. default on its debt, as Democrats and Republicans continue their standoff, while the mid-October deadline to lift the debt ceiling looms. USD/JPY is also weighed by reduced expectations that the Fed would start to taper its $85 billion-a-month bond-buying program this year, Japan exporter sales. But USD/JPY losses are tempered by demand from Japan importers. Yen crosses are vulnerable to 0145 GMT China September services PMI data.
Technical outlook:
Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed in oversold zone; 5- and 15-day moving averages are declining.
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 97.2 and the second target at 97.5. In alternative scenario, if the price moves below its pivot points short positions are recommended with the first target at 96.5, the breach of this target will move the pair further downwards and one may expect the second target at 96.1. The pivot point stands at 96.75.
Resistance levels:
97.2
97.5
98
Support levels:
96.5
96.1
95.75
The material has been provided by InstaForex Company – www.instaforex.com
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