USDJPY: further upside expected (Nov 04, 2014)
November 4, 2013 12:15 pmVideo
Latest News
- Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 3, 2024
- Trading Signals for GOLD for May 3-5, 2024: sell below $2,320 or below $2,300 (21 SMA – 200 EMA) May 3, 2024
- Technical Analysis – GBPUSD advances above descending trendline May 3, 2024
- USD experiences day X May 3, 2024
- Bitcoin licks wounds as Fed comes on the rescue – Crypto News May 3, 2024
- GBP/USD: trading plan for the US session on May 3rd (analysis of morning deals). The pound is preparing to get out of the May 3, 2024
- EUR and GBP may drop May 3, 2024
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
- EUR/USD: Simple trading tips for novice traders on May 3rd (US session) May 3, 2024
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
Overview:
USD/JPY is trading in a range. It is underpinned by positive dollar sentiment (ICE spot dollar index last 80.24 versus 79.74 early Thursday) after a surprise surge in U.S. ISM-Chicago PMI to 65.9 in October from 55.7 in September, the biggest monthly increase in more than 30 years (versus forecast for a drop to 55.0). USD/JPY is also supported by demand from Japan importers; higher U.S. Treasury yields. But dollar sentiment is dented by smaller-than-expected 10,000 drop in U.S. jobless claims to 340,000 (versus 335,000 forecast) for the week ended October 26. USD/JPY upside is also limited by Japan exporter sales; unwinding of JPY-funded carry trades amid increased investor risk aversion (VIX fear gauge rose 0.73% to 13.75, S&P fell 0.38% overnight) as the Federal Reserve’s optimistic assessment of the U.S. economy suggests the central bank could still begin to taper its stimulus $85 billion-a-month bond-purchase program in December; positions adjustment before Japan’s long weekend (financial markets in Japan are shut for a holiday on Monday). Yen crosses are vulnerable to 0100 GMT October final CFLP China manufacturing PMI, 0145 GMT October final HSBC China manufacturing PMI data.
Technical comment:
Daily chart is still positive-biased as MACD and stochastics are bullish, although the inside-day-range pattern was completed Thursday.
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 99 and the second target at 99.3. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 98.05 the breach of this target will move the pair further downwards and one may expect the second target at 97.75. The pivot point stands at 98.4.
Resistance levels:
99
99.3
99.6
Support levels:
98.05
97.75
97.4
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: