USD/JPY Technical analysis 11 January 2019
2019-01-11 12:22 am | Resource: Technical Analysis | No Views : 119
The USDJPY is moving in a sideway direction in the near term.
The USD/JPY has already rebounded as we expected in the previous report to hit the 108.50 level as it faces selling pressure around this level, as well as the USD/JPY faces resistance around the Bollinger's moving average line.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to a lack of signals.
Therefore, we expect that the USD/JPY will retreat to levels of 107.72 - 106.80, and this scenario fails in case of stabilize above the 108.50 level.
The alternative scenario is that the USD/JPY broke level of 104.74 down to target the 99.75 level.
Our view is currently neutral around USD/JPY
The fundamental overview
• On the economic data level there are no reports or economic data that have a strong impact on the Japanese economy.
• The US Core Consumer Price Index and the US Consumer Price Index will be released on a monthly basis at 8.30 am GMT.
Resistance: 108.50 - 109.00 - 109.50
Support: 107.72 - 106.80 - 104.74
British pound was trading with gains against the euro and the dollar on Friday in a new hope that it is still possible to avoid Britain leaving the EU after the EU agreed to allow the UK to delay its departure from the bloc. The United Kingdom will announce a shameful vote British Prime Minister Teresa Mae is committed to making a meaningful vote on leaving the European Union next…
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