USD Drives USD/JPY
Mayzus | Nov 06, 2015 02:01PM ET
Yesterday the USD/JPY pair continued growing amid increased demand for the USD that significantly strengthened after statements from Fed Chairwoman Janet Yellen about high possibility of an interest-rate increase in the US in December.
At the same time, the pair was pressured by poor macroeconomic statistics that came out in the US on Thursday and investors’ cautiousness prior to the publication of key labor-market data in the US on Friday.
This morning Governor of the Bank of Japan Haruhiko Kuroda noted that prospects for the Japanese economy are positive while the main negative factor remains economic slowdown in leading countries, and especially in China. He also pointed out to the readiness of the regulator to adjust its monetary policy for achieving 2% inflation target.
Bollinger Bands® on the daily chart is moving up. MACD is growing and giving a moderate buy signal. Stochastic is entering the oversold zone again.
The indicators recommend waiting for clearer trading signals.
- Support levels: 121.73 (local low), 121.48, 121.23, 121.00, 120.56, 120.34, 120.00 (lower border of the channel), 119.62.
- Resistance levels: 122.00 (local high), 122.60, 123.00 (end of August highs), 123.51, 124.00, 124.57, 125.00.
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