Current trend

The pair slowed its growth on Friday.

Japanese May Industrial Production data were poor: It stayed at the level of –0.2% MoM and of 4.2% YoY. The US-China trade crisis supports JPY, as investors are interested in shelter assets.

On Friday, the pair declined due to the fall in the University of Michigan Consumer Confidence index to 97.1 points, which led to the fixation of long positions by traders after reaching the six-month highs by the pair at the beginning of the session.

Today, investors should pay attention to the release of data from the US on retail sales ex autos (14:30 GMT+2). The market is expected to be highly volatile.

Support and resistance

On the H4 chart, the pair corrected to the mid-line of Bollinger Bands, the price range is widened, which indicates a possible continuation of the uptrend. MACD histogram is in the positive area. The signal line is crossing the body of the histogram from below giving a signal for opening long positions.

Support levels: 112.15, 111.75, 111.50, 111.20, 111.00.

Resistance levels: 112.47, 112.81, 113.00.

Trading tips

Long positions may be opened from the current level with target at 113.00 and stop loss at 112.00.

Short positions may be opened from the level of 111.00 with target at 110.50 and stop loss at 111.30.

Implementation period: 1-3 days.

US Dollar vs Japanese Yen



TimeframeDay's Range
Entry Point112.45
Take Profit113.00
Stop Loss112.00
Support levels111.00, 111.20, 111.50, 111.75, 112.15, 112.47, 112.81, 113.00

Alternative scenario

RecommendationsSELL STOP
Entry Point111.00
Take Profit110.50
Stop Loss111.30
Support levels111.00, 111.20, 111.50, 111.75, 112.15, 112.47, 112.81, 113.00
USD/JPY: general review

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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