USD/JPY: upside
May 9, 2013 3:30 pmVideo
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Overview:
The USD/JPY is to trade in higher range. Buoyed by yen-funded carry trades amid positive global risk sentiment (S&P rose 0.41% overnight to finish at 1632.69, hitting all-time high for fifth-consecutive trading session) in wake of China’s robust trade balance data, strong German industrial production report, and investor confidence over continued stimulus from world’s major central banks. USD/JPY also supported by Bank of Japan’s aggressive easing measures to help reach its 2% inflation target; demand from Japan importers and investment trusts. But USD/JPY gains tempered by Japan exporter sales. Daily chart mixed as MACD in bearish mode, stochastics turning bearish, but five-day moving average rising above 15-day MA.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 99.45 and the second target at 99.77. You should keep in view short position below the pivot keep of the first target at 98.58, breach of this target will move the pair downward further and expect the second target at 98.35. The pivot point stands at 99.10.
Resistance levels:
R1 – 99.45 (Monday’s high)
R2 – 99.77 (April 24 high)
R2 – 99.89-99.95 band (April 22 high-April 11 high)
Support levels:
S1 – 98.58 (Wednesday’s low)
S2 – 98.35
S3 – 97.90 (Friday’s low)
The material has been provided by InstaForex Company – www.instaforex.com
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