USD/JPY daily analysis for June 19, 2013
June 19, 2013 6:45 amVideo
Latest News
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
- Hot forecast for EUR/USD on April 19, 2024 April 19, 2024
- We’ve Donated Books in Vietnam for Children’s Day April 19, 2024
- Week Ahead – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Technical Analysis – GBPJPY range trading continues April 19, 2024
- Overview of the GBP/USD pair on April 19th. The Bank of England may lower the rate in May April 19, 2024
- Overview of the EUR/USD pair on April 19th. Jerome Powell crushed all euro growth prospects April 19, 2024
- Key events on April 19: fundamental analysis for beginners April 19, 2024
Daily chart: USD/JPY bounced on the support level of 94.53 and this pair is now above the level of 95.00, approaching the level of resistance at 96.38. If USD/JPY manages to break that resistance, it would be expected to rise to the level of 98.25. Furthermore, there is the possibility that the pair will make a bearish rebound on this resistance and fall back to the support at the level of 94.53. If the pair manages to break this support, it is expected to fall to the level of 92.84. The MACD indicator is in a negative territory, but it is in extreme oversold, so we could see this pair continue forming a higher low pattern.
H4 chart: In this chart, USD/JPY is within a range between the levels of 95.81 and 94.08. If this pair manages to break the resistance level of 95.81, it would be expected to rise to the level of 96.70. On the other hand, if USD/JPY breaks the support at the 94.08 level, it would be expected to drop to the level of 92.56. It is very likely that this pair manages to break this resistance and go up to the level of 96.70, however, it would be very difficult for this pair to break the resistance at the 96.70 level due to the proximity it has with the 200 day moving average. MACD is still in a positive territory, so a bullish outlook for this pair today would be very likely.
H1 chart: Near the support at the 94.77 level there is a Point of Control (POC), with strong support in this pair. Because of this, USD/JPY has established a bullish trend in the short term and thus the bullish outlook will remain in place at the technical level. If USD/JPY manages to break the resistance at the 95.62 level, it is expected to rise to the level of 96.02. On the other hand, if USD/JPY breaks the support at the 95.21 level, it would be expected to drop to the level of 94.77. USD/JPY stays below the 200 day moving average and the MACD indicator is in a neutral territory. Most likely this week, USD/JPY will have a bearish rebound in the SMA 200 and continue the long-term bearish trend.
Fundamental outlook: For today’s session, FOMC Economic Projections will be published at 18:00 GMT in the United States. These projections could produce very high volatility during the time in all the USD pairs, so we recommend caution while trading during that hour. Also, the FOMC Press Conference is scheduled for 18:30 GMT.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD/JPY pair breaks with a bearish candlestick, the support level is at 95.21, take profit is at 94.77, and stop loss is at 95.62. Place buy (long) orders only if the USD/JPY pair breaks with a bullish candlestick, the resistance level is at 95.62, take profit is at 96.02, and stop loss is at 95.23.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: