Yesterday the pair slightly strengthened amid the publication of strong statistics in the US. The Consumer Price Index grew by 0.4% while economists predicted a growth of 0.3%. In addition, the Consumer Price Index n.s.a increased to 239.260 and Housing Starts grew to 1.172 million.
At the same time, the Yen was supported by today’s data on the Japanese GDP. In the first quarter, the index came out at 1.7%, instead of a forecasted 0.2% growth.
Today attention also needs to be paid to the FOMC Minutes in the US.
Support and resistance
On the 4-hour chart, the pair is trading near the upper MA of . histogram is in the positive zone and its volumes are minimal. is growing.
Support levels: 109.35, 108.90, 108.50, 108.10, 107.65, 107.00, 106.50, 105.75, 105.35.
Resistance levels: 109.65, 110.00, 110.30, 110.75, 111.00, 111.25, 111.60, 112.00.
Short positions can be opened from the level of 109.30 with targets at 109.00, 108.50 and stop-loss at 109.45. Validity – 1-3 days.
Long positons can be opened from the level of 109.65 with targets at 110.00, 110.30 and stop-loss at 109.50. Validity – 1-3 days.