USD/JPY: Bullish bias (October 28, 2013)
October 28, 2013 3:15 pmVideo
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Overview:
USD/JPY is trading in higher range. The rate is supported by yen-funded carry trades amid positive investor risk sentiment (VIX fear gauge eased 0.83% to 13.09; S&P rose 0.44% Friday as it hit all-time high), as expectations that the Federal Reserve will delay tapering its $85-billion-a-month bond-buying stimulus program until at least March 2014 overshadowed liquidity concerns in China. USD/JPY is also supported by demand from Japan importers; dollar short-covering ahead of Wednesday’s U.S. FOMC monetary policy decision. But dollar sentiment is dented after final October reading of the University of Michigan consumer-sentiment index came in at 73.2 (versus forecast of 75.0 and preliminary 75.2). USD/JPY gains are also tempered by Japan exporter sales; Federal Reserve’s ultra-loose monetary policy; lower longer-dated U.S. Treasury yields. Daily chart is mixed as MACD and stochastics are bearish, five-day moving average is falling below 15-day MA; but bullish hammer candlestick pattern was completed on Friday.
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 97.8 and the second target at 98. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 96.9 the breach of this target will move the pair further downwards and one may expect the second target at 96.55. The pivot point stands at 97.15.
Support levels:
96.9
96.55
96.25
Resistance levels:
97.8
98
98.5
The material has been provided by InstaForex Company – www.instaforex.com
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