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

Publication source
LiteForex information  LiteForex reviews

January 16, 2017
GBP under pressure ahead of May speech
A speech from Theresa May is one of the key events for financial markets this week and certainly the most relevant for the British pound. Primie Minister is about to deliver a speech on UK’s stance and conditions ahead of the triggering article 50 and beginning the Brexit negotiations...
January 13, 2017
Yellen (Fed) with a neutral message but USD starts to fight back
USD was taking damage from the Wednesday Donald Trump specch until yesterday evening. Lack of details on economic and fiscal agenda at the first press conference of the president-elect caused a correction on equities boosted since the US elections...
January 12, 2017
Are OPEC cuts going to be in vain?
As OPEC and its biggest partner Russia have agreed to curtail Oil output prices, this offers the strongest catalyst of recovery since the start of the fight for market share back in 2014. Despite the initial market “hurrah” which helped the prices to get over the $50 mark...

OANDA Rating
Trade360 Rating
FBS Rating
Z.com Trade Rating
OctaFX Rating
FIBO Group Rating

Beeoptions Rating
OptionFair Rating
EZTrader Rating
Binary Brokerz Rating
OptionRally Rating
365BinaryOption Rating