USD/JPY Maintains Bullish Despite Claims Abe
Masterforex-V | Nov 20, 2014 05:55AM ET
USD/JPY is trading around 116.65 + 0.17% from the opening price, noting the daily high at 117.06 and the minimum - at 116.34. Today, USD/JPY reacted to the news of an early election in Japan in mid-December and postpone the increase of the sales tax and a half years. This scenario is favorable for the Japanese stock market and can support USD/JPY. Level 117 was again under threat, however offera near 117.06 drove players to 116.40, the pair recovered to 116.60 / 78, where now and traded. Charts on USD/JPY remain bullish. Technical picture on the USD/JPY remains bullish. Support is at 115.45; resistance - at 117.06 and 117.80, said the analysts of the Forex Broker Company .
Experts believe that in the case of an unexpected fall below 115.45 will attract market attention 113.86 (minimum of 10 November). Key support is at 110.67 (maximum in August 2008) and 111.53 (uptrend). USD/JPY was unable to recover in US reports. In the US, producer prices increased by 1.5% y / y in October. According to the Office for National Statistics, UK producer prices continued to fall in October 2014. This was associated with a reduction in the cost of oil, gasoline and food. According to the Department of Labor, US producer prices rose 0.2% m / m in October against the expected drop of 0.1% and -0.1% September values. Annualised index rose by 1.5%. Excluding food and energy prices rose by 0.4% m / m and 1.8% y / y, exceeding the value of the previous period.
Technical analysis
USD/JPY made a half-hearted attempt to grow up, but quickly turned down and reached new daily lows on US PPI above forecasts. According to the Department of Labor, US producer prices rose 0.2% m / m in October against the expected drop of 0.1% and -0.1% September values. Annualised index rose by 1.5% versus 1.3% expected. Excluding food and energy prices rose by 0.4% m / m and 1.8% y / y vs. 0.1% and 1.5% is projected to exceed the value of the previous period. USD/JPY rose slightly to 116.65, but soon fell by updating at least 116.33.
Currently the pair is trading at 116.50, a few pips below the opening price and at baseline, prior to release. USD/JPY approached the seven-year highs, and investors refrained from large positions ahead of tomorrow's release of the protocol FOMC, said the experts of RVD Markets (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/).
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