USD/JPY: upside prevails
May 10, 2013 12:45 pmVideo
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Overview:
The USD/JPY is to consolidate with bullish bias after hitting four-year high of 100.79 Thursday. It is underpinned by positive dollar sentiment after surprise 4,000 drop in latest U.S. weekly jobless claims to five-year-low of 323,000 (vs forecast for rise to 335,000), adding to signs that the U.S. labor market is improving steadily and boosting odds that the Federal Reserve may move up timelines to taper some of its asset purchases. The USD/JPY also supported by higher U.S. Treasury yields; Bank of Japan’s aggressive easing measures to help reach its 2% inflation target; demand from Japan importers and investment trusts. But the USD/JPY gains tempered by Japan exporter sales; positions adjustment before weekend. Daily chart positive-biased as MACD & stochastics bullish, five-day moving average above 15-day MA and advancing.
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 102 and the second target at 102.35. You should keep in view short position below the pivot keep of the first target at 99.65, breach of this target will move the pair downward further and expect the second target at 98.9. The pivot point stands at 100.4
Resistance levels:
R1 – 102
R2 – 102.35
R3 – 102.6
Support levels:
S1 – 99.65 (previous cap set April 11)
S2 – 98.9
S3 – 98.65-98.58 band (Thursday’s low-Wednesday’s low)
The material has been provided by InstaForex Company – www.instaforex.com
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