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GBP/USD: general analysis 26 February 2020, 13:50

GBP/USD: general analysis 26 February 2020, 13:50 Scenario Timeframe Intraday Recommendation BUY Entry Point 1.2940 ...

Feb 14, 2020

USD/JPY: the pair is trading in the flat 14 February 2020, 08:54


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 110.05
Take Profit 110.40, 110.50
Stop Loss 109.75
Key Levels 109.00, 109.25, 109.52, 109.75, 110.00, 110.20, 110.40
Alternative scenario
Recommendation SELL STOP
Entry Point 109.70, 109.55
Take Profit 109.25, 109.10
Stop Loss 110.00
Key Levels 109.00, 109.25, 109.52, 109.75, 110.00, 110.20, 110.40
Current trend
USD shows near-zero dynamics against JPY during today’s Asian session, consolidating near 109.80. Demand for USD and JPY again rose significantly after the publication of updated statistics on the number of patients with coronavirus, which frightened investors with a sharp surge in the number of infected. It is curious that macroeconomic statistics from the USA practically did not support USD. At the same time, the Consumer Price Index in January accelerated from 2.3% YoY to 2.5% YoY, which turned out to be better than market expectations. Consumer Price Index Excluding Food and Energy in January rose by 0.2% MoM and 2.3% YoY, which also turned out to be slightly better than forecasts of 0.2% MoM and 2.2% YoY.
Support and resistance
Bollinger Bands on D1 chart show moderate growth. The price range expands slightly, freeing a path to new local highs for the "bulls". MACD reversed downwards having formed a weak sell signal (located below the signal line). Stochastic decreases more confidently, which, however, weakly correlates with the real trend in the market.
Technical indicators do not contradict the further development of the correctional decline in the short and/or ultra-short term.
Resistance levels: 110.00, 110.20, 110.40.
Support levels: 109.75, 109.52, 109.25, 109.00.


Trading tips
To open long positions, one can rely on the breakout of 110.00. Take profit – 110.40 or 110.50. Stop-loss – 109.75.
A breakdown of 109.75 or 109.60 may be a signal for new sales with target at 109.25 or 109.10. Stop loss should be placed no further than 110.00.
Implementation time: 2-3 days.

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