USD/JPY: Flat Dynamics Is Developing In The Pair
LiteForex Europe | May 29, 2016 01:06AM ET
The pair continues to show mixed dynamics trading at the level of 110.00. The USD was supported by positive American statistics, showing that the number of orders for durable goods has grown by 3.4% in April against the forecast of 0.5%. In addition, the number of initial applications for unemployment benefits fell from 278 to 268 thousand in a week which started on 20 May, against the forecast of 275 thousand. Pressure on the yen was also caused by the Japanese inflation data, released today. National index of consumer inflation fell by 0.3% in April against the decline of 0.1% a month ago.
On the daily chart “Bollinger bands®” indicator has reversed sideways, while the price range remains narrow. MACD keeps giving a weak buy signal. Stochastic shows similar dynamics.
Support levels: 109.64 (local lows), 109.10 (lows of 23 May), 108.22 (lows of 12 May), 107.62, 107.00, 106.43, 106.13, 105.54 (lows of 3 May).
Resistance levels: 110.00 (local highs), 110.62 (highs of 20 May), 110.97, 111.37, 112.00 (highs of 1 April), 112.28, 112.60 (highs of 31 March).
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