USD/JPY: Downside (Aug 06, 2013)
August 6, 2013 9:45 amVideo
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Overview:
USD/JPY is trading in a lower range. The rate is undermined by weak dollar sentiment as Friday’s smaller-than-expected increase in U.S. July non-farm payrolls continues to reverberate, while the employment sub-index of the ISM’s non-manufacturing survey fell to 53.2 from 54.7 in June, denting optimism from the main index’s stronger-than-expected rise to 56.0 in July (versus 53.3 forecast) from 52.2 in June. USD/JPY is also weighed by the Japanesse exporters sales. But USD/JPY losses was tempered by demand from Japan importers; Bank of Japan’s aggressive monetary easing measures are helping to reach its 2% inflation target; Fed’ Fisher saying that the U.S. central bank should start to pare its easy-money policy next month;U.S. Treasury yields are higher. Daily chart is negative-biased as MACD is in the bearish mode, stochastics is turning bearish.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short positions are recommended with the first target at 97.65 in view; the breach of this target will move the pair downward further and you should expect the second target at 97.2. The pivot point stands at 98.75. In case the price moves in the opposite direction. returns from its support, and moves above its pivot point, then trading in a higher range is the most favorable and buy position is recommended above its pivot with the first target at 99.45 and the second target at 99.15.
Support levels:
S1 – 97.65
S2 – 97.2
S3 – 96.75
Resistance levels:
R1 – 99.15
R2 – 99.45
R3 – 99.75
The material has been provided by InstaForex Company – www.instaforex.com
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