USD/JPY: review and forecast on 15.07.2015

July 15, 2015

Current trend

During this week the price chart shows the weakening of the yen against the US currency. Yesterday, amid the negative US releases the yen rose slightly but soon returned to its previous level. Today, the main news comes from Japan where the Bank of Japan releases its Monetary Policy Statement. The level of Interest Rate and other monetary policy decisions as well as economic factors, which influenced them, are the main indicators that may shed light on further Central Bank policy measures.

Support and resistance

On the four-hour chart MAs of Bollinger Bands are narrowing, while on the hourly chart the lines are moving sideways. Today, the market should remain calm until the information on the monetary policy is released.

Resistance levels: 123.50 (upper MA of Bollinger Bands on H1 chart), 123.70 (local maximum), 124.08 (upper MA of Bollinger Bands on H4 chart).

Support levels: 123.35 (middle MA of Bollinger Bands on H1 chart), 123.20 (lower MA of Bollinger Bands on H1 chart), 123.06 (middle MA of Bollinger Bands on H4 chart).

Trading tips

Before Monetary Policy Statement is released, it is recommended to set pending orders in both directions. Open short positions below 123.35 with the target at 123.20. In the case of the market reversal, buy the pair above 123.50 with the target at 123.70.

Publication source
LiteForex information  LiteForex reviews

September 30, 2016
Euro continues to trade sideways inside a 100pips range
Looking at the hourly chart, the pair still fighting to overtake 1.1235 barrier, which is considered as the near-term resistance for the single currency...
September 29, 2016
Will Brexit be more painful for Europe rather than for the UK?
The risk is increasing on the market ahead OPEC meeting in Algiers and Yellen testimonial, which will happen before the House panel. FED-fueled rally on gold starts to fizzle out as the December futures keep on a losing streak for a second day, finally dipping by 0.12% to 1,328.75...
September 28, 2016
US presidential debate moves unwind
The market’s initial response to the US presidential election debate overnight was a clear sigh of relief. The Mexican Peso, which had hit a record low against the dollar just the day before, surged higher, as too did the Canadian dollar...

OctaFX Rating
HotForex Rating
FOREX.com Rating
Tickmill Rating
HYCM Rating
FxPro Rating

Binary Brokerz Rating
24option Rating
Empire Option Rating
Grand Option Rating
TopOption Rating
IQ Option Rating