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USD/CAD: general analysis 19 April 2018, 13:11

USD/CAD: general analysis 19 April 2018, 13:11 Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 1.2600...

Jan 12, 2018

USD/JPY: general analysis 12 January 2018, 14:21


Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 111.15
Take Profit 110.35, 110.00
Stop Loss 111.40
Key Levels 110.00, 110.35, 110.65, 111.00, 111.40, 111.75, 112.20, 112.50, 112.90
Alternative scenario
Recommendation BUY STOP
Entry Point 111.45
Take Profit 112.20
Stop Loss 111.15
Key Levels 110.00, 110.35, 110.65, 111.00, 111.40, 111.75, 112.20, 112.50, 112.90
Current trend
Yesterday US dollar was falling against all the main currencies due to the growth of Initial Jobless Claims and negative Producer Price Index. The USD/JPY pair has been falling for 5 days in a row and it has already broken a number of key levels. The nearest macroeconomic releases will significantly affect the further dynamics of the trade instrument, which is moving to the level of 110.00.
Today the investors are focused on the US Retail Sales and Consumer Price Index releases at 15:30 (GMT+2). CPI is expected to be disappointing, as PPI was worse than expected, and gas prices decreased. However, the Retail Sales index can be positive due to the growth of spending in December and increase of earning, which stimulates the consumption.
Support and resistance
On the 4-hour chart, the instrument is moving towards the lower border of Bollinger Bands. The nearest support level is 111.00. The indicator is pointed downwards, the price range is widening, which reflect the development of the downward movement. MACD histogram is in the negative zone, its volumes significantly decreased, keeping strong sell signal. Stochastic has entered the oversold area.
Resistance levels: 111.40, 111.75, 112.20, 112.50, 112.90.
Support levels: 110.00, 110.35, 110.65, 111.00.

Trading tips
Short positions can be opened at the current level with the targets at 110.35, 110.00 and stop loss 111.40. Implementation period: 1–3 days.
Long positions can be opened at the level of 111.45 with the target at 112.20 and stop loss 111.15. Implementation period: 1 day.

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