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.
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