USDJPY: Upside (Sep 26, 2013)
September 26, 2013 9:15 amVideo
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Overview:
USD/JPY is consolidating with bullish bias after hitting a four-day low of 98.38 Wednesday. It is undermined by selling of yen crosses amid diminished investor risk appetite (S&P fell 0.27% overnight) and weaker dollar sentiment (ICE spot dollar index last 80.34 versus 80.59 early Wednesday) as worries fester over Congressional impasse to pass the U.S. budget to avoid a government shutdown on Oct.1 and raise the debt ceiling; U.S. Treasury is set to reach its $16.7 trillion borrowing limit on Oct. 17, according to Treasury Secretary Jack Lew, while uncertainty prevails over prospects for Federal Reserve’s monetary policy. USD/JPY is also weighed by lower U.S. Treasury yields, Japan exporter sales. But dollar sentiment soothed by surprise 0.1% rise in U.S. August durable goods orders (versus forecast for 0.6% fall), stronger-than-expected 7.9% on-month rise in U.S. new-home sales to 421,000 in August (versus 420,000 forecast). USD/JPY losses are also tempered by demand from Japan importers.Daily chart is negative-biased as MACD and stochastics are bearish; the five-day moving average is below the 15-day MA and declining.
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, long positiona are recommended with the first target at 99.15 and the second target at 99.35. In alternative scenario, if the price moves below its pivot points short positions are recommended with the first target at 98.2. The breach of this target will move the pair further downwards and one may expect the second target at 97.95. The pivot point stands at 98.6.
Resistance levels:
99.15
99.35
99.75
Support levels:
98.2
97.95
97.25
The material has been provided by InstaForex Company – www.instaforex.com
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