Tuesday, 11 December 2018

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USD/JPY: Yen trying to strengthen

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Current trend On Thursday, the Yen grew against the USD amid strong macroeconomic data from Japan and commentaries by the Japanese regulator, but fell again later in the day. Tankan Non-Manufacturing Index for the third quarter of the year increased from 23 to 25 points, against forecasted 20 points, while Nomura/JMMA Manufacturing Purchasing Manager Index grew from 50.9 to 51.0 points. The Bank of Japan, at the same time, commented on the state of the economy and noted that there is no need for additional stimulus measures at present. Support and resistance Bollinger Bands on the daily chart is moving horizontally, while the price range remains narrow. MACD is slowly growing and giving a weak buy signal. Stochastic failed to reach the oversold zone and trying to turn up. The indicators recommend waiting for clearer trading signals. Support levels: 119.39, 119.05 (18 September low), 118.59 (4 September low), 118.24. Resistance levels: 120.00 (local high), 120.69, 121.32 (10 September high), 121.73 (28 August high), 122.00. Trading tips Long positions can be opened after the breakout and consolidation above the level of 120.00 (with the appropriate indicators signals) with targets at 120.50, 120.90 and stop-loss at 119.90. Validity – 1-3 days. Short positions can be opened after the breakdown of the level of 119.40 with the target at 118.80 and stop-loss at 119.90. Validity – 2-4 days.

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Erick Gálvez
Author: Erick GálvezWebsite: http://www.asdforex..comEmail: This email address is being protected from spambots. You need JavaScript enabled to view it.
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