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GBP/USD: general analysis 27 January 2020, 12:48

GBP/USD: general analysis 27 January 2020, 12:48 Scenario Timeframe Intraday Recommendation BUY STOP Entry Point 1.312...

Jan 14, 2020

USD/JPY: USD is strengthening 14 January 2020, 09:46


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 110.25
Take Profit 111.00
Stop Loss 109.69
Key Levels 109.24, 109.42, 109.69, 110.00, 110.20, 110.40, 110.66, 111.00
Alternative scenario
Recommendation SELL STOP
Entry Point 109.95
Take Profit 109.42, 109.24
Stop Loss 110.40
Key Levels 109.24, 109.42, 109.69, 110.00, 110.20, 110.40, 110.66, 111.00
Current trend
USD is showing moderate growth against JPY during today’s Asian session, updating the highs of May 2019. The pair is trading near 110.05, adding about 0.12%.
Published macroeconomic statistics from Japan has a mixed effect on JPY. Bank Lending in Japan in December slowed from the previous 2.1% YoY to the current 1.8% YoY, which turned out to be worse than analysts had expected. Current Account n.s.a. fell in November from JPY 1816.8B to 1356.8B, which was only slightly better than forecasts of JPY 1423.3B. The balance of foreign trade in November showed a deficit of JPY 2.5B, while in October the balance remained surplus at JPY 254B. Experts expected a larger deficit of JPY 412.6B.
Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range expands, freeing a path to new local highs for the “bulls”. MACD indicator is growing preserving a stable buy signal (located above the signal line). Stochastic, having approached the level of 100, reversed into the horizontal plane, indicating strong overbought USD in the ultra-short term.
One should keep existing long positions in the short and/or ultra-short term until the situation is clear.
Resistance levels: 110.20, 110.40, 110.66, 111.00.
Support levels: 110.00, 109.69, 109.42, 109.24.


Trading tips
To open long positions, one can rely on the breakout of 110.20. Take profit – 111.00. Stop loss – 109.69.
The rebound from 110.20 as from resistance, with the subsequent breakdown of 110.00, can become a signal to new sales with target at 109.42 or 109.24. Stop loss – 110.40.
Implementation time: 2-3 days.

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