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EUR/USD: general analysis 16 August 2019, 14:11

EUR/USD: general analysis 16 August 2019, 14:11 Scenario Timeframe Weekly Recommendation SELL Entry Point 1.1076 Tak...

Jun 12, 2019

USD/JPY: the pair is trading in both directions 12 June 2019, 10:28

Timeframe Intraday
Recommendation BUY STOP
Entry Point 108.85
Take Profit 109.50, 109.76
Stop Loss 108.50
Key Levels 107.80, 108.06, 108.30, 108.79, 109.00, 109.30, 109.76
Alternative scenario
Recommendation SELL
Entry Point 108.29
Take Profit 107.80, 107.60, 107.50
Stop Loss 108.60
Key Levels 107.80, 108.06, 108.30, 108.79, 109.00, 109.30, 109.76
Current trend
USD shows ambiguous trading in pair with the Japanese yen, remaining close to the local lows, updated on June 5. The yen is still under pressure from uncertain news background and the threat of a possible easing of monetary policy by the Bank of Japan. In addition, investors are currently not very interested in safe assets, although the situation remains rather unstable.
During today's Asian session, statistics from Japan provide moderate support to the yen. The Japanese Core Machinery Orders in April rose by 5.2% MoM and 2.5% YoY, which was significantly better than the forecast of –0.8% MoM and –5.3% YoY. In turn, Producer Price Index in May showed a decline of 0.1% MoM after rising by 0.3% MoM in April. YoY, the indicator slowed from +1.2% to +0.7%.
Support and resistance
In the D1 chart Bollinger Bands demonstrate moderate decline, keeping a tendency to reversal into a horizontal plane. The price range is narrowing from below, reflecting a gradual change of trend in the short term. MACD indicator is growing preserving a moderate buy signal (located above the signal line). Stochastic is also influenced by "bullish" sentiment, but is rapidly approaching its maximum levels, which signals that USD is overbought in the ultra-short term.
Existing long positions should be kept in the short term until the situation clears up.
Resistance levels: 108.79, 109.00, 109.30, 109.76.
Support levels: 108.30, 108.06, 107.80.

Trading tips
To open long positions, one can rely on the breakout of 108.79. Take profit — 109.50 or 109.76. Stop loss — 108.50. Implementation time: 2-3 days.
A breakdown of 108.30 may become a signal for returning to sales with target at 107.80 or 107.60–107.50. Stop loss — 108.60. Implementation time: 1-2 days.

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