empty
 
 
11.04.2013 05:55 PM
USD/JPY: Bullish bias

This image is no longer relevant

Overview:
USD/JPY is consolidating with bullish bias after hitting near-four-year high of 99.88 on Wednesday. The rate is underpinned by Bank of Japan's aggressive easing measures to help reach its 2% inflation target in two years; yen-funded carry trades amid positive risk appetite (VIX fear gauge eased 3.74% to 12.36; S&P rose 1.22% overnight) as Chinese imports surged 14.1% on year, well above +6.1% forecast, a sign that demand from the world's second-largest economy remained strong; and minutes of FOMC March meeting did little to dissuade investors that the Federal Reserve remains committed to supporting the U.S. economy with exceptionally easy monetary policy. USD/JPY is also supported by positive USD sentiment from higher U.S. equities; demand from Japan importers, life insurers and investment trusts. But USD/JPY gains tempered by Japan exporter sales. Daily chart is positive-biased as MACD and stochastics are bullish; five-day moving average is above 15-day MA and advancing.
Recommendation:
Buy above 98.9 with upside targets at 100 and 100.4.
Resistance levels:
R1 - 100
R2 - 100.4
R3 - 100.8
Alternative scenario:
Sell below 98.9 with downside targets at 98 and 97.15.
Support levels:
S1 - 98
S2 - 97.70 (Monday's low)
S3 - 97.15

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $10000 más!
    ¡En Enero, sorteamos $10000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback