USD / JPY: Yen is noticeably inferior to the dollar
Wednesday, 29 July, the currency pair USD / JPY continued its upward trend begun
on Tuesday. Despite a number of interesting macroeconomic publications in Japan,
Yen could not start strong growth.
Wednesday in Japan published data on retail sales, which
annualized rate in June rose by 0.9%, which is 0.4% higher than expected
analysts. However, it should be noted that in terms of months,
sales volumes in June fell by 0.8% against the growth of 1.7% a month earlier.
at the rate the Fed is not greatly changed the balance of power in the pair. The Committee once again
voted to retain the current level of rates, positively assessed at
Thus, the results of the recovery of the housing market and the labor market.
Support and resistance levels
Bollinger on the daily chart demonstrating transition pair in the medium flat.
The middle line of the indicator is completely turned in the horizontal plane.
Price range narrowed down to the limit values. Currently, clear
no trading recommendations.
after a brief decrease again turned upwards, forming a signal
to buy (the histogram is located above the signal line). Indicator
It indicates the possibility of buying in the short and very short-range
Stochastic is approaching overbought area boundary, which may
indicate a weakening of the bullish momentum at the end of this week.
Support: 123.56 (the average break-even line of the channel medium term),
123.00 (a local minimum 27 July), 122.60, 122.00, 121.57, 121.00, and
120.41 (minimum 8 July).
Resistance: 124.00 (actively tested in early trade on Thursday, 30
of July), 124.17 (current daily high of July 30), 124.47 (a local maximum 21
of July), 125.00.
Breakdown 124.17 to open long positions with first target 124.47. after the breakdown
this level will continue to grow to 125.00. Stop-loss should be positioned at the level of 123.00.
scenario is a strong downward movement with the breakdown or reversal from 124.00
rebound from this level as the resistance. Take-profit is recommended
stand at around 123.00 and stop loss at 124.47.
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