Current trend
During the trading session after holidays, the USD/JPY pair almost has not changed in comparison with the end of the last week.
Today’s the head of Bank of Japan speech did not impress the investors. In the speech, it was said that the Japanese economy is moderately growing. However, the inflation level is far from the target value of 2%, so the regulator will keep the current monetary policy, supporting short-term interest rate at the level of –0.1%, despite the economic growth.
Today there is lack of macroeconomic issues on the calendar. Traders are focused on S&P/Case-Shiller Home Price Indices release, the growth of which can support USD. The volatility level is expected to be moderate.
Support and resistance
On the 4-hour chart instrument was corrected to the middle line of Bollinger Bands. MACD histogram is in the positive zone, keeping buy signal.
Resistance levels: 113.50, 113.70, 114.00.
Support levels: 113.30, 113.08, 112.88.
Trading tips
Long positions can be opened at the current level with the target at 113.80 and stop loss at 113.00. Implementation period: 1–3 days.
Short positions can be opened at the level of 112.80 with the target at 112.30 and stop loss at 113.10. Implementation period: 3–5 days.
US Dollar vs Japanese Yen
Buy Sell Spread
113.324 113.3 24
Scenario
Timeframe Day's Range
Recommendations BUY
Entry Point 113.29
Take Profit 113.80
Stop Loss 113.00
Support levels 112.88, 113.08, 113.30, 113.50, 113.70, 114.00
Alternative scenario
Recommendations SELL STOP
Entry Point 112.80
Take Profit 112.30
Stop Loss 113.10
Support levels 112.88, 113.08, 113.30, 113.50, 113.70, 114.00
During the trading session after holidays, the USD/JPY pair almost has not changed in comparison with the end of the last week.
Today’s the head of Bank of Japan speech did not impress the investors. In the speech, it was said that the Japanese economy is moderately growing. However, the inflation level is far from the target value of 2%, so the regulator will keep the current monetary policy, supporting short-term interest rate at the level of –0.1%, despite the economic growth.
Today there is lack of macroeconomic issues on the calendar. Traders are focused on S&P/Case-Shiller Home Price Indices release, the growth of which can support USD. The volatility level is expected to be moderate.
Support and resistance
On the 4-hour chart instrument was corrected to the middle line of Bollinger Bands. MACD histogram is in the positive zone, keeping buy signal.
Resistance levels: 113.50, 113.70, 114.00.
Support levels: 113.30, 113.08, 112.88.
Trading tips
Long positions can be opened at the current level with the target at 113.80 and stop loss at 113.00. Implementation period: 1–3 days.
Short positions can be opened at the level of 112.80 with the target at 112.30 and stop loss at 113.10. Implementation period: 3–5 days.
US Dollar vs Japanese Yen
Buy Sell Spread
113.324 113.3 24
Scenario
Timeframe Day's Range
Recommendations BUY
Entry Point 113.29
Take Profit 113.80
Stop Loss 113.00
Support levels 112.88, 113.08, 113.30, 113.50, 113.70, 114.00
Alternative scenario
Recommendations SELL STOP
Entry Point 112.80
Take Profit 112.30
Stop Loss 113.10
Support levels 112.88, 113.08, 113.30, 113.50, 113.70, 114.00