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Current trend
Support and resistance
Trading tips
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2016-08-23 10:42 (GMT+2) USD/JPY
Current trend
Yesterday the pair resumed its fall despite opening with a substantial gap up.
The pair remains under pressure due to an uncertainty regarding
further actions of the US Fed. The latest FOMC Minutes showed that the
regulator is in no rush to hike interest rates. However, later comments
from some of the Fed officials suggest that opinions of its members on
the matter are divided. In addition, the Dollar is pressured by
expectations of Fed Chair Janet Yellen speech at the Jackson Hole
symposium this weekend.
At the same time, the Yen was slightly supported by statistics on the
Nikkei Manufacturing PMI. According to preliminary data, in August the
index grew from 49.3 to 49.6 points, which was 0.1 point higher than
forecasts.
Support and resistance
Bollinger Bands on the daily chart is trying to turn horizontally
while the price range is widening from the bottom. MACD is growing and
giving a weak buy signal. Stochastic is growing as well having bounced
off the border of the oversold zone.
The indicators recommend waiting for clearer trading signals.
Support levels: 100.00 (psychologically important level), 99.53 (16 August low), 99.00 (24 June low).
Resistance levels: 100.67 (local high), 100.93 (local high), 101.44
(15 August high), 102.00, 102.65 (8 August high), 103.00, 103.39, 104.00
(29 July high), 104.82.
Trading tips
Long positions can be opened after the breakout of the level of
100.70 with targets at 101.40, 102.00 and stop-loss at 100.30. Validity –
2-3 days.
Short positions can be opened after the breakdown of the level of
99.70 with targets at 99.00, 98.60 and stop-loss at 100.10. Validity –
2-3 days.
Scenario
Timeframe | Intraday |
Recommendation | BUY STOP |
Entry Point | 100.80 |
Take Profit | 101.40, 102.00 |
Stop Loss | 100.30 |
Key Levels | 99.00, 99.53, 100.00, 100.67, 100.93, 101.44, 102.00, 102.65, 103.00, 103.39, 104.00, 104.82 |
Alternative scenario
Recommendation | SELL STOP |
Entry Point | 99.60 |
Take Profit | 99.00, 98.60 |
Stop Loss | 100.10 |
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 WILL NEVER TRADE 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.