USD/JPY: analysis and forecast

8 October, 2014

Current trend

Last week the pair USD/JPY has reached the highs at 110.00. Market players have been expecting this level since last year. This week the pair started with the fall, but today it went up and is trading around 108.50. Prime minister of Japan Shinzo Abe claimed that weak Yen can affect SME, while Head of BOJ Haruhiko Kuroda doesn’t see any harm in low course of national currency. Chief Cabinet Secretary Yoshihide Suga mentioned that weak Yen didn't raise the volume of export, but he also stated that his opinion couldn’t be seen as an estimation of Yen course.

This week investors are waiting for the fundamental data on Japanese Manufacturing sector as well as US FRS Meeting Minutes.

Support and resistance

Support levels are 108.35, 108.00 and 107.75. The pair will meet resistance at 108.55, 108.85, 109.20, 109.45. The main target for the Bulls is 110.00.

Trading tips

Pending buy orders can be placed at 107.75, don't forget about stop-losses. Long-term buy orders can be opened at 109.00.

Ilya Laschenko

Analyst of LiteForex Investments Limited

Presented by LiteForex

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