empty
 
 

2016.07.2421:43:00UTC+00Fxwirepro: Usd/jpy Breaks Major Resistance at 106.40, Good to Go Long on Dips

  • Speculation that the BoJ will be adding further stimulus very soon is keeping the yen subdued.
     
  • USD/JPY has broken major trendline support at 106.40, has hit session highs at 106.72 before pating some gains to currently trade at 106.63.
     
  • Intraday bias higher, focus remains on BoJ and FOMC policy meets, additional stimulus from BoJ likely while FOMC is expected to hold.
     
  • Techs support further upside in the pair, weakness only below 105.42.
     
  • Supports on the downside are seen at 105.98 (50-DMA), 105.68 (10-DMA) and then 105.42 (July 21 low).
     
  • Resistance on the upside is seen at 107, 107.90 (June 7 high) and then 108.15 (100-DMA).

Recommendation: Good to buy on dips around 106.50, SL: 106, TP: 107/ 107.25/ 107.90
 

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback