Japan: Yen in motion

October 30, 2013

The Yen is looking like its going to run out of time in the next week and the FOMC meeting might be the catalyst to cause this triangle to break. Currently the Yen has been driven by risk aversion after climbing to the dramatic highs of 103.00 to the USD; after markets felt fear after the US delayed tapering, and in more recent weeks a debt buildup in China.

This is set to change though as traders have up their bets on the USD, as they expect the FOMC meeting might be a sign of hawkish comments from the current board. This is seen as unlikely though due to the nature of the FED with its dovish board and the recent economic data.

Current support levels can be found at 97.702, 97.232 and 96.250. These levels will act as hard support levels for the USDJPY pair in the event of a breakout from the triangle. With the 97.702 level and 97.232 being the weakest support levels, and could be a fake breakout unless confirmed by a candle the next day.

The resistance levels are likely to be strong at 98.277, 98.770 and 99.383 with an actual breakout having to close past the 98.770 mark in order to signal a bullish uptrend for traders. No support for a bullish move at this stage can be found in the RSI, as momentum and pressure has tapered off.

Written by Alex Gurr, Currency Analyst at Blackwell Global

Publication source
Blackwell Global information  Blackwell Global reviews

February 27, 2017
EURUSD dropping perfectly, remain bearish
Price is dropping nicely towards our profit target. We remain bearish below 1.0604 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a further push down to 1.0494 (Fibonacci extension, horizontal support)...
February 27, 2017
Gold reached three-month highs
Spot gold remained on strong bullish footing on Friday. After an Asian flat the price got an upward impetus in the European morning...
February 24, 2017
Gold surges to major $1250 resistance as uncertainty prevails
Gold surged Thursday on a breakout of its previous consolidation to hit and slightly exceed major technical resistance at $1250, a level not seen since early November...

Fort Financial Services Rating
OctaFX Rating
Orbex Rating
FX Giants Rating
Vantage FX Rating
FIBO Group Rating

OptionBit Rating
IQ Option Rating
Banc De Binary Rating
TopOption Rating
Empire Option Rating
OptionTrade Rating