USD/JPY: analysis and forecast on 07.02.2014

February 7, 2014

Current trend

At the beginning of the week USD/JPY went up. The pair had tested three-month lows of 100.77 and soared up to resistance level of 102.22. Today’s economic calendar is big with news, which can affect further dynamics of the pair USD/JPY. The data on US average wages and unemployment rate will become known. Experts expect that average wages will grow by 0.1%, while unemployment rate will remain unchanged at the level of 6.7%.

Support and resistance

Support levels: 100.770 and 99.920.

Resistance levels: 102.220, 102.920 and 103.40.

Trading tips

On the four-hour chart technical indicators show that uptrend will continue. MACD histogram is below the zero line, its volumes are decreasing. Bollinger bands are directed upwards confirming “bullish” trend. If current trend maintains, it is recommended to open long positions after breakdown of the level of 102.20 with the target of 102.92.

Vadim Smarzh

Analyst of LiteForex Group of Companies

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