USD/JPY: analysis and forecast for July 23, 2014

23 July, 2014

Current trend

Last week the pair made unsuccessful attempts to break out the level of 101.80. At the end of last week the pair approached the local lows of 101.00, but again failed to break it down. It seems that the “bears” will need additional drivers to do it. Japanese consumer price index, which will be released on Friday, can act as such a driver. At the beginning of this week the pair went up, then slightly corrected downward and then resumed ascending movement.

Support and resistance

Technical indicators demonstrate the rise in the pair. Stochastic is in the oversold zone and is directed upward. The price is testing moving average with the period 100. Breakdown of this level will give us a buy signal. The nearest resistance levels are  101.45, 101.55 and 101.65. The main target of the “bulls” is 101.80. Breakdown of this level will allow the “bulls” to reach new highs. Support levels are 101.25, 101.10 and 101.00.

Trading tips

It is recommended to open long positions at the levels of 101.50 and 101.85 with the target of 102.30. Do not forget about stop-losses. Short positions can be opened after breakdown of the level of 101.00.

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