Forex Technical Analysis USD/JPY 2014-02-27

27 February, 2014

Good afternoon, dear traders. Today at 14:30 (CET), we will have two key events such as the volume of orders for U.S. durable goods (Core Durable Goods Orders m/m) and initial jobless claims for last week (Unemployment Claims). The predicted values for these macroeconomic indicators are 0.1% and 333K for Durable Goods Orders and Unemployment Claims respectively. If jobless claims rise higher than the forecast, and the volume of orders for goods does not exceed the expected level, we should expect the weakening of the U.S. currency.

USD/JPY: H4

We continue to monitor the USDJPY currency pair, which has been demonstrating the least contradictory behavior during the last few days. The H4 trend is under bearish authority and is confirmed by the RSI-Bars (14) behavior. We should wait until the Parabolic SAR gets closer to the price level and crosses 102.233. After that, you can expect the price breakthrough of this resistance with profit taking above 102.109.
A sell pending order is recommended to be placed 15 minutes before the publication of both indicators. In any case, the position should be kept till 16:00 (CET), as the speech of the Chairman of the U.S. Federal Reserve, Janet Yellen is expected at this time. She will make a semi-annual report on monetary policy, but in the second part of the session she will answer to questions that can bring a dangerous volatility to the market. In any case, it makes sense to switch positions into a breakeven state 15 minutes prior to the speech by the Fed Chairman.


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