USD/JPY: pair weakened

23 November, 2015

Current trend

In the end of the last week, the USD/JPY pair declined from its local highs but today the growth resumed. The fall in the pair was the result of the Bank of Japan decision to leave current monetary policy unchanged maintaining the asset-purchasing program at 80 trillion Yen. In the accompanying commentaries, the regulator stated that inflationary expectations demonstrate stable growth tendency while significant fall in oil prices is unlikely to prevent inflation from reaching its 2% target.

Support and resistance

Bollinger Bands on the daily chart is gradually growing while the price range is narrowing. MACD is trying to turn up. Stochastic is falling.

The indicators recommend waiting for clearer trading signals.

Support levels: 123.00, 122.60 (19 November lows), 122.22 (16 November low), 122.00, 121.48, 121.00, 120.56.

Resistance levels: 123.60 (9 November highs), 124.00 (end of August high), 124.57, 125.00, 125.40.

Trading tips

Long position can be opened after the breakout of the level of 123.40 with the target at 124.57 and stop-loss at 123.00. Validity – 2-3 days.

Short positions can be opened after the breakdown of the level of 122.50 with the target at 121.80 and stop-loss at 122.80. Validity – 2-3 days.

Source   Presented by LiteForex
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