USD/JPY: general review

23 October, 2014

Current trend

Yesterday, the pair USD/JPY has grown amid the rise in the USD. Following the release of the US consumer price index, which has grown by 0.1%, exceeding the forecast, the USD started to regain lost positions. This week the pair USD/JPY has been trying to consolidate after the recent decline. The price has consolidated above the level of 107.00 after closing at the level of 107.13 at the end of the trading day yesterday. At today’s opening session the pair has maintained yesterday’s momentum, continuing to rise and trading at the level of 107.50.

Some US news is scheduled for the release today. If labor market data and business activity index in the manufacturing sector prove to be above expectations, it can become an additional driver for the rise in the USD against Japanese Yen.

Support and resistance

Resistance levels: 107.83 (middle line of Bollinger bands), 109.00 (important psychological level), 110.08 (lows of 1 October).

Support levels: 107.09 (lows of the Asian session), 106.55 (moving average with the period of 55 days), 105.60 (Fibonacci retracement of 50%).

Trading tips

If the price exceeds the level of 107.85 it will boost the rise up to the level of 109.00.  

Andrey Cherkas

Analyst of LiteForex Investments Limited

Presented by LiteForex

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