Current trend

Japan posted a trade deficit of 645.9 billion yen. Amid this data, the US Dollar managed to strengthen against the Japanese Yen. However, the data came in above the forecast and did not largely affect the national currency.

Statistics on Initial Jobless Claims, due in the US today, might influence dynamics in the pair. The indicator is expected to grow putting the US Dollar and the USD/JPY pair under pressure.

Support and resistance

On the daily chart, the pair is trading between the middle and lower MAs of Bollinger Bands. The price remains below the EMA50, EMA100 and EMA144, all directed down. MACD histogram is in the negative zone; its volumes are very high and remain unchanged. ADX is directed horizontally; the DI lines are moving down.

Support levels: 113.37, 112.30, 111.63, 111.00.

Resistance levels: 114.60, 115.83, 116.77, 118.27, 119.04, 119.95, 120.80, 121.74, 122.55, 123.61, 124.25.

Trading tips

Short positions can be opened from the level of 113.30 with the target at 112.30 and stop-loss at 113.80.

Long positions can be opened from the level of 114.60 with the target at 115.80 and stop-loss at 114.00.

Validity – 2-3 days.

USD/JPY: general analysis




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