USD/JPY: general analysis for July 02, 2014

2 July, 2014

Current trend 

Japanese economy is gradually gathering pace. It became known that the volumes of car sales in June has reached the level of 452.6 thousand, which is 0.4 times more than the previous value, and this happened despite the rise in sales taxes. It is obvious that soft monetary policy, launched by Shinzo Abe started to give positive results. It is worth noting that consumer price index rose by 3.4% on annual basis for the first time since 1982. It is not clear yet if the monetary policy will be able to lead Japan to a new stage of economic development; however the first results are encouraging.

Support and resistance

Since the opening of the Asian session the Yen is losing positions against the USD, trading near important resistance level of 101.67. If this level is broken down the Japanese currency may fall to the Murray level of 2/8 (102.34). The indicator "Williams’ Percent Range” is at the level of  (-75), indicating that the American currency is oversold.

The nearest resistance level is the moving average line with the period of 200 (101.67). Support level is 101.17 (1/8 Murray).

Trading tips 

It is recommended to open long positions after breakdown of the level of 101.67 with protective orders at 101.15 and the target of 102.15


Source link   Presented by LiteForex

USD/JPY recovers to 107 area

10-year US T-bond yield extends slide, drops below 2%. US Dollar Index stays calm near the 96 mark. Fed's Williams & Bostic, FOMC Chairman Powell...

Oscillates in a familiar trading range

The USD/JPY pair lacked any firm directional bias and seesawed between tepid gains/minor losses through the early European session on...

USD/JPY climbs to 1-week tops

Improving risk sentiment dents the JPY's relative safe-haven status. The USD remains supported by a solid rebound in the US bond yields. Focus now shifts...


USD/JPY backs away from highs

US Dollar Index retreats toward 97 area. Nikkei Manufacturing PMI in Japan improves slightly in March. Coming up: Retail sales and manufacturing...

USDJPY Jumps As UK Rejects No-Deal Brexit

The UK parliament rejected a no-deal Brexit on Thursday evening. This leads to speculation that the UK might formally ask the EU for an extension...

On Wednesday Yen slips in Asia

On Wednesday, the Japanese yen headed south versus its major peers because investor risk appetite improved during Asia trade, although worries...


USD/JPY keeps showing a negative trend

Since the beginning of the week, USD/JPY fell by 100 points. The currency pair is close to the round 109.000 with 109.550 acting as the closest...

USD/JPY started to grow after a long descent

Yesterday the quotes grew by 100 points and updated the local maximums. Right now the safe haven currency is consolidating and has good prospects...

USD/JPY in an aggressive sell-off

During the trading yesterday, the yen grew by more than 1% against the USD. The quotes reached 111.000 and can descend further. The local resistance...

  


Share it on:   or