USDJPY: bullish bias (Oct 29, 2013)
October 29, 2013 2:45 pmVideo
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Overview:
USD/JPY is trading with risks skewed higher as market participants adjust positions, before the U.S. FOMC monetary policy decision Wednesday. USD/JPY is also supported by higher U.S. Treasury yields; demand from Japan importers. But USD/JPY upside is limited by Japan exporter sales; Federal Reserve’s ultra-loose monetary policy. No strong cue for yen-funded carry trades as the U.S. stocks closed mixed overnight (S&P settled up 0.13% after hitting fresh all-time high; but Nasdaq off 0.08%, VIX fear gauge rose 1.68% to 13.31); while stronger-than-expected 0.6% rise in U.S. September industrial production (versus +0.4% forecast) and higher-than-expected 78.3% U.S. September capacity utilization (versus 78.0% forecast) offset surprise 5.6% on-month drop in U.S. pending home sales index to 101.6 in September (versus forecast for 0.5% rise) and fall in Dallas Fed’s general business activity index to 3.6 in October from 12.8 in September.
Technical comment:
Daily chart is mixed as MACD is bearish, but stochastics is turning bullish.
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 98.2 and the second target at 98.45. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 97.15 the breach of this target will move the pair further downwards and one may expect the second target at 96.9. The pivot point stands at 97.4.
Resistance levels:
98.2
98.45
98.75
Support levels:
96.9
96.55
96.25
The material has been provided by InstaForex Company – www.instaforex.com
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