empty
 
 
18.02.2014 07:23 AM
Technical analysis of USD/JPY for February 18, 2014

Japan's economy grew just 0.3% in the fourth quarter, well below the median estimate of a 0.7% increase and followed a 0.3% growth in July-Sept. The disappointing result will keep pressure on the Bank of Japan to support the economy once an increase in the sales tax takes place in April. In the technical front, USD/JPY gave a nice breakout in the daily and hourly charts. In Asia's trading session, the pair is trading at the level of 102.07. Yesterday, in our USDX daily report, we discussed that USD pairs had attractive trade setup near crucial support zone. We recommend buying on USDX and USD/SGD. USD/JPY after making a double top in the daily chart at the level 102.7, went through a healthy correction. In yesterday's trade the pair made a double bottom in the hourly chart at the level of 101.39. After a good consolidation, the pair today gave a fresh break. In the hourly chart RSI looks positive, and the price is trading above the 21 and 40 DEMA. Right now can we can see overbought signs in the hourly chart, so some pullback is expected before further upmove.

Intraday recommendation- buy for targets of 102.7

Support: 101.88, 101.6, 101.0.

This image is no longer relevant

This image is no longer relevant
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 $6000 más!
    ¡En Diciembre, sorteamos $6000 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