USD/JPY: demand for the USD will continue to grow

April 16, 2015

Current trend
This week the American currency has been declining against major currencies, including the Yen. The decline in the USD is associated with the negative macro-economic statistics on retail sales, key indices and US industrial production. At the same time, Japanese currency has received support from economic news. Investors started to take profit on long positions, which decreases demand for the USD.

Today, the pair is moving in the narrow range of 119.10-119.50. Today’s economic news will include the data on the US construction sector, labor market and US manufacturing production. It is expected that tomorrow American indices will be positive. In addition, Japanese consumer confidence index will be known. Although this index fell in February, it is expected to increase in March.

Support and resistance
It is expected that following slight decline, the price of the USD will increase. The pair has dropped to the key support level of 119.10; now it is possible that the price will reverse and the USD will go up. In the medium-term the rise in the pair can reach the levels of 120.30 and 120.70. Breakdown of these levels will open the way to the local highs of 122.00.

Support levels:  119.10, 118.85, 118.40, 118.00 and 117.70.
Resistance levels:  119.70, 120.00, 120.30, 120.70, 121.20, 121.50 and 122.00

Trading tips
It is recommended to open long positions at the current price and pending long positions from the level of 118.40, with take profit of 120.70 and 122.00 and stop-loss at 118.00.

LiteForex Investment Limited Analytics  

Publication source
LiteForex information  LiteForex reviews

January 20, 2017
Advance in inflation across the Eurozone
Euro holds gains against the US Dollar ahead of the ECB rate decision, as majority of economists expect no major updates in the policy, while investors will be taking stock of Draghi rhetoric’s to foresee the timeframe of the next big move by the policymakers...
January 20, 2017
US oil inventory draw gave a temporally support for oil prices
Oil prices remained in red figures after Wednesday's bearish acceleration. Brent a little changed on the day and remained prone to more weakness on Thursday. The benchmark stayed neutral around 54.50 dollars per barrel flirting with the level during the European session...
January 20, 2017
Pound gives up gains
The British pound has pulled back sharply today after making its biggest 1day gain in nearly 20 years’ yesterday, as fears once again crept in about where Brexit will lead to...

OctaFX Rating
Vantage FX Rating
FOREX.com Rating
 FXTM Rating
FBS Rating
EXNESS Rating

OptionBit Rating
OptionFair Rating
365BinaryOption Rating
OptionTrade Rating
Binary Brokerz Rating
Banc De Binary Rating