Today the Yen is strengthening against the US Dollar . The pair was pressured by the publication of data on the Trade Balance in Japan. The balance surplus increased from 755 to 824 billion Yen, while experts expected it to fall to 492.8 billion.
Today attention needs to be paid to preliminary data on the Markit Manufacturing PMI in the US.
Support and resistance
On the , the pair is trading in the upper , while bands are directed horizontally and the price range is narrowing. is growing and forming a weak buy signal. left the overbought zone.
The indicators recommend waiting for clearer trading signals.
Support levels: 109.16, 108.67, 107.87, 106.22, 105.72.
Resistance levels: 110.14, 110.63, 111.61, 112.28, 113.71.
Short positions can be opened from current prices with the target at 108.67 and stop-loss at 110.14. Validity – 1-2 days.
Long positions can be opened after the price rebound from the level of 108.67 with targets at 110.14, 111.61 and stop-loss at 107.87. Validity – 2-4 days.