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USD/CAD: technical analysis 15 October 2019, 12:43

USD/CAD: technical analysis 15 October 2019, 12:43 Scenario Timeframe Weekly Recommendation BUY STOP Entry Point 1.324...

Oct 11, 2019

USD/JPY: USD is strengthening 11 October 2019, 10:12


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 108.15, 108.30
Take Profit 108.74, 109.00
Stop Loss 108.00, 107.77
Key Levels 106.95, 107.22, 107.51, 107.77, 108.11, 108.24, 108.46, 108.74
Alternative scenario
Recommendation SELL STOP
Entry Point 107.85, 107.70
Take Profit 107.22, 106.95
Stop Loss 108.11, 108.24
Key Levels 106.95, 107.22, 107.51, 107.77, 108.11, 108.24, 108.46, 108.74
Current trend
The US dollar rose significantly against the Japanese yen on Thursday, updating local highs of October 1. The development of the "bullish" dynamics of the instrument was facilitated by a noticeable decline in interest in safe assets in the market amid some progress on trade negotiations between the US and China. In addition, investors are optimistic about Brexit news. Macroeconomic statistics from the US and Japan released yesterday turned out to be ambiguous.
Macroeconomic statistics from the US and Japan released yesterday turned out to be ambiguous. The Japanese Core Machinery Orders in August showed a decrease of 14.5% YoY after an increase of 0.3% YoY last month. Analysts expected negative dynamics, but only at –10.8% YoY. In monthly terms, the indicator decreased by 2.4% MoM after a decrease of 6.6% MoM last month. The forecast was –2.5% MoM.
Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range expands from above, freeing a path to new local highs for the "bulls". MACD indicator is growing keeping a fairly stable buy signal (located above the signal line). Stochastic retains upward direction, but is located near its highs, which indicates risks of correctional decline in the ultra-short term.
Existing long positions should be kept until the situation clears up.
Resistance levels: 108.11, 108.24, 108.46, 108.74.
Support levels: 107.77, 107.51, 107.22, 106.95.


Trading tips
To open long positions, one can rely on the breakout of 108.11 or 108.24. Take profit — 108.74 or 109.00. Stop loss — 108.00 or 107.77.
The rebound from 108.11 as from resistance with the subsequent breakdown of 107.90 or 107.77 can become a signal to correctional sales with target at 107.22 or 106.95. Stop loss — 108.11 or 108.24.
Implementation time: 2-3 days.

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