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USD/JPY: review and forecast

FX:USDJPY   U.S. Dollar/Japanese Yen
68 0 0
Current trend

The pair continues consolidating near the level of 101.10. Yesterday, the Yen strengthened against the Dollar amid the publication of data on the Nonfarm Productivity in the US. In the second quarter of the year, the index fell by 0.5% while experts predicted a growth of 0.4%. In the first quarter, the index declined by 0.6%.
Today attention needs to be paid to the Monthly Budget Statement in the US. According to forecasts, the budget deficit will amount to $129.9 billion, which could pressure the Dollar.

Support and resistance

On the 4-hour chart, the pair continues moving along the descending channel. Trade volumes remain low.
Technical indicators do not give a clear trading signal. Bollinger bands are directed horizontally. Stochastic is in the oversold zone.

Support levels: 101.10, 100.65, 100.00.
Resistance levels: 101.70, 102.10, 102.60.

Trading tips

Long positions can be opened from the level of 101.70 with targets at 102.10, 102.60 and stop-loss at 101.50.
Short positions can be opened from the level of 101.10 with the target at 100.65 and stop-loss at 101.00.
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