Trade Idea USDJPY Buy at 113.15
This morning, at 09:40 GMT, the US Dollar is trading at 113.68 against the Yen, 0.1% lower from the New York close. Moving ahead, market participants will look forward to Japan’s preliminary 1Q GDP data, scheduled to be released next week. During the session, the pair traded at a high of 113.95 and a low of 113.52. Yesterday, the US Dollar traded 0.18% lower against the Yen in the New York session and ended at 113.79. The pair is expected to its find support at 113.35 and its first resistance at 114.09.
Dollar’s retreat after rising marginally to 114.37 yesterday has retained our view that further consolidation below this level would be seen and pullback to 113.35-40 is likely, however, still reckon previous resistance at 113.05 (now support) would contain downside and bring another rise later to 114.50-55 (100% projection of 108.13-111.78 measuring from 110.87) but overbought condition should limit upside to 114.75-80 and price should falter below 115.00.
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as 113.15-20 should contain downside. A firm break below previous resistance at 112.99-05 would defer and suggest top is formed, bring correction of recent upmove to 112.65-70 but reckon support at 112.39 would remain intact.
Trade Idea USDJPY
Japanese Yen| Data | Chart | Calendar | Forecast | News
BUZ INVESTORS The USDJPY decreased 0.4150 or 0.36% to 113.4250 on Friday May 12 from 113.8400 in the previous trading session. Historically, the Japanese Yen reached an all time high of 306.84 in December of 1975 and a record low of 75.74 in October of 2011.
|113.42||113.82||306.84||75.74||1972 – 2017||Daily|
|Government Bond 10Y||0.05||0.05||7.59||-0.29||percent||[+]|
|30 Year Bond Yield||0.84||0.83||3.13||0.04||percent||[+]|
|2 Year Note Yield||-0.18||-0.19||0.25||-0.36||percent||[+]|
|5 Year Note Yield||-0.12||-0.13||8.58||-0.37||percent||[+]|
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