USD/JPY: upside (July 1, 2013)
July 2, 2013 7:00 amVideo
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Overview:
The USD/JPY is to trade in higher range. The USD/JPY underpinned by positive USD sentiment (ICE spot dollar index last 83.222 vs 82.977 early Friday) as comments by Fed’s Jeffrey Lacker and Jeremy Stein raised bets on a tapering of asset buying by the U.S. central bank: Mr. Lacker said the benefit-cost trade-offs for further monetary stimulus “does not look promising”; while Mr. Stein used September as the hypothetical start date for slowing the pace of purchases, adding that at the meeting, policy makers “will give primary weight to the large stock of news that has accumulated since the inception of the program and will not be unduly influenced by whatever data releases arrive in the few weeks before the meeting.” Dollar sentiment boosted by better-than-expected University of Michigan final consumer-sentiment index for June (came in at 84.1 vs 83 forecast), which offset worse-than-expected drop in ISM-Chicago PMI to 51.6 in June (vs 55.0 forecast) from May’s 58.7. The USD/JPY also supported by demand from Japan importers and investment trusts; Bank of Japan’s aggressive monetary easing measures to help reach its 2% inflation target – confidence in Abenomics rose after Japan’s core CPI stayed flat in May compared with a year earlier, raising hopes for an end to deflation; and industrial production jumped 2% on month in May (vs +0.2% forecast). But USD/JPY gains tempered by Japan exporter sales.
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 100 and the second target at 100.4. You should keep in view short position below the pivot keep of the first target at 98.55, breach of this target will move the pair downward further may expect the second target at 98.05. The pivot point stands at 99.1.
Resistance levels:
R1 – 100
R2 – 100.4
R3 – 100.6
Support levels:
S1 – 98.55
S2 – 98.05
S3 – 97.75
The material has been provided by InstaForex Company – www.instaforex.com
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