Overview: USD/JPY is trading with bullish bias. It is underpinned by improved dollar sentiment, reduced safe-haven appeal of the yen and the yen-funded carry trades amid better investor risk appetite (S&P rose 0.41% overnight) after Senate leaders said they were optimistic about striking a deal to reopen the federal government and sidestep a looming debt crisis–this as a meeting with President Obama and top congressional leaders on Monday afternoon was postponed “to allow leaders in the Senate time to continue making important progress towards a solution that raises the debt limit and reopens the government,” the White House said in a statement. USD/JPY is also supported by demand from Japan importers and investment trusts. But USD/JPY gains are tempered by Japan exporter sales. Daily chart is positive-biased as MACD & stochastics are bullish; the five-day moving average above the 15-day MA and 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 98.7 and the second target at 99.10. In alternative scenario, if the price moves below its pivot points short positions are recommended with the first target at 97.85, the breach of this target will move the pair further downwards and one may expect the second target at 97.55. The pivot point stands at 98.1.
Resistance levels: 98.7 99.10 99.5
Support levels: 97.85 97.55 97.3
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/JPY is trading with bullish bias. It is underpinned by improved dollar sentiment, reduced safe-haven appeal of the yen and the yen-funded carry trades amid better investor risk appetite (S&P rose 0.41% overnight) after Senate leaders said they were optimistic about striking a deal to reopen the federal government and sidestep a looming debt crisis–this as a meeting with President Obama and top congressional leaders on Monday afternoon was postponed “to allow leaders in the Senate time to continue making important progress towards a solution that raises the debt limit and reopens the government,” the White House said in a statement. USD/JPY is also supported by demand from Japan importers and investment trusts. But USD/JPY gains are tempered by Japan exporter sales. Daily chart is positive-biased as MACD & stochastics are bullish; the five-day moving average above the 15-day MA and 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 98.7 and the second target at 99.10. In alternative scenario, if the price moves below its pivot points short positions are recommended with the first target at 97.85, the breach of this target will move the pair further downwards and one may expect the second target at 97.55. The pivot point stands at 98.1.
Resistance levels:
98.7
99.10
99.5
Support levels:
97.85
97.55
97.3
The material has been provided by InstaForex Company – www.instaforex.com
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