| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL LIMIT |
| Entry Point | 109.30, 109.95, 107.50 |
| Take Profit | 105.50, 103.50 |
| Stop Loss | 110.15 |
| Key Levels | 102.05, 105.00, 105.90, 107.00, 108.50, 109.95, 110.75, 111.60, 112.30, 112.65 |
Current Trend
The Yen continues strengthening against the US Dollar despite a growth in the
demand for risky assets. Last week, the pair started consolidating near the key
support levels, but it still remains within a descending range. The Japanese
currency has gained support from favorable statistics on major sectors of the
economy. The US Dollar, in its turn, has been declining due to weak data on
industrial production and key indices.
This week, attention needs to be paid to data on Japan’s key indices and the
US labour market.
Support and Resistance
In the medium term, the pair is expected to consolidate within a narrow range
of 109.95-107.60. Amid a growth in the demand for the US Dollar, an upward
correction can develop. However, as the pair is trading within a downward
channel, short positions seem more preferable.
Technical indicators confirm the pair tends to decline. MACD histogram is in
the negative zone; its volumes are growing. Bollinger bands have turned down
again.
Support levels: 107.60, 107.00, 105.90, 105.00, 103.50, 102.05.
Resistance levels: 108.50, 109.30, 109.95, 110.75, 111.60, 112.30,
112.65.
Trading Tips
Pending sell orders can be placed near the upper border of the range, at the levels of 109.30, 109.95, and below the key support level of 107.60 with targets at 105.50, 103.50 and stop-loss at 110.15.
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The client must claim / request the Bonus by
contacting finance department
at finance@hiwafx.com
or via livechat.
Terms & Conditions
with
M Samer Al Reifae
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
- YOU ARE NEVER LEFT ALONE -
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
