As far as we can see, on the last trading days Yen has been gaining ground against the Dollar of USA. Against the backdrop of growth of Basic consumer price index which was published on Tuesday at 12:30 GMT, the Dollar managed to regain some positions and reach the level 119,98 together with Japanese Yen, however the price didn't succeed to maintain this level and rolled back to the level of support 119,60. In today's economic calendar a number of important news across the States is expected. It is predicted that data will be favorable and the Dollar will seize the initiative again, and the currency pair USD/JPY will reach the level of resistance 120,45 already today.
Main movement of currency pair
USD/JPY is in a descending channel, Tenkan and Kijun lines are bound below the price curve, the price moves below the descending cloud, the ascending movement from the level of support 119,60 is predicted. Traders should take “buy” positions above the level of support 119,60, set Take profit at the levels of resistance 119,90, 120,15, 120,45.
Alternative movement of currency pair
If USD/JPY manages to break through and get fixed below the level of support 119,60, continuation of the descending movement to the following levels of support 119,45, 119,30 will be possible.
Level of resistance: 119,90; 120,15; 120,45.
Level of support: 119,60; 119,45; 119,30.
Main movement of currency pair
USD/JPY is in a descending channel, Tenkan and Kijun lines are bound below the price curve, the price moves below the descending cloud, the ascending movement from the level of support 119,60 is predicted. Traders should take “buy” positions above the level of support 119,60, set Take profit at the levels of resistance 119,90, 120,15, 120,45.
Alternative movement of currency pair
If USD/JPY manages to break through and get fixed below the level of support 119,60, continuation of the descending movement to the following levels of support 119,45, 119,30 will be possible.
Level of resistance: 119,90; 120,15; 120,45.
Level of support: 119,60; 119,45; 119,30.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.