Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 16 April 2019
2019-04-16 09:02 am | Resource: Technical Analysis | No Views : 199
Time frame Used - four hours
The USD/JPY is moving in a bullish direction in the near term.
USD/JPY still faces resistance and selling pressure around 112.10 as bulls pushed the USD against the Japanese Yen to hit the resistance level of 112.10 as the USD-JPY faces resistance and selling pressure around this level.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Therefore, we expect that the USD/JPY will drop to 111.54 - 111.27 levels again, and this scenario fails in case of stability above level of 112.10.
The alternative scenario is that USD/JPY is breaching the level 112.10 to target the levels of 112.50 - 113.05.
Looking at the daily chart, the USD/JPY is able to breach the resistance level of 111.52 to the upside, but it still faces the resistance level around 112.21.
Sell USD/JPY around 112.10 level for targeting levels of 111.54 - 111.27 With the activation of stop loss in case of closure above the level of 112.10.
The fundamental overview
• On the economic data level, industrial activity data will be released on a monthly basis at 4.30 am GMT and Japanese trade balance data will be released at 11:50 GMT.
• On the other hand, the US Federal Reserve's Rosengren will be broadcast at 12 am GMT, in addition to the release of US industrial production data on a monthly basis at 1.15 pm GMT, as well as the release of the US housing market data at NAHB at the full hour 2 pm GMT.
Resistance: 112.10 - 112.50 - 113.05
Support: 111.83 - 111.54 - 111.27
The US dollar rallied against major currencies in early European trade on Friday, as investors await Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole seminar amid intense pressure from President Donald Trump to offer sharp interest rate cuts to help support the economy. Further evidence of interest rate outlook awaits. The minutes of the July FOMC meeting on Wednesday showed that most officials noticed the rate cut in…
- USD and CHF stabilize as Yen rises amid uncertainty concerns 01:18 pm2019-08-22
- US dollar edged higher against major Ahead of Fed Minutes 01:05 pm2019-08-21
- Dollar stabilizes as euro fell under political pressure due to Brexit 01:13 pm2019-08-20
- Pound is falling against the major currencies due to Brexit pressure 01:05 pm2019-08-19
- US dollar traded higher with the erosion of growing trade war fears 01:13 pm2019-08-16
- Dollar's decline and bonds shattered historical returns 01:13 pm2019-08-15
- Euro rises as European shares fall after weak German data 12:50 pm2019-08-14
- British pound falls to its lowest level since January 2017 12:42 pm2019-08-09
- Dollar stabilizes amid anticipation of trade war developments 02:47 pm2019-08-08