USDJPY : Further Upside (Dec 02,2013)
December 2, 2013 4:30 pmVideo
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Overview:
USD/JPY is set to trade with bullish bias after hitting the six-month high oа 102.61 Friday underpinned by weak yen sentiment amid expectations that the Bank of Japan will take further easing steps if Japan’s economic growth and ambition to reach 2% inflation by the end of March 2016 are threatened by the planned sales tax hike to 8% next April. USD/JPY is also supported by the demand from the Japanese importers and investment trusts. But USD/JPY gains tempered by Japan exporter sales, diminished risk appetite (VIX fear gauge rose 5.55% to 13.7, S&P eased 0.08% Friday) as investors prepare for slew of critical data and central bank decisions this week, although sentiment soothed as official China final manufacturing PMI for November (released Sunday) came in at 51.4 – better than 51.0 forecast and unchanged from October’s 51.4. The yen crosses are vulnerable to 0145 GMT HSBC final China manufacturing PMI data for November. Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought; 5- and 15-day moving averages are 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 103.3 and the second target at 103.6. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.9. The breach of this target will move the pair further downwards and one may expect the second target at 101.6. The pivot point stands at 102.2.
Resistance levels:
103.25
103.6
103.9
Support levels:
101.9
101.6
101.15
The material has been provided by InstaForex Company – www.instaforex.com
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