Menu
Brokers
MT4 Forex Brokers
MT5 Forex brokers
PayPal Brokers
Skrill Brokers
Oil Trading Brokers
Gold Trading Brokers
Web Browser Platform
Brokers with CFD Trading
ECN Brokers
Bitcoin FX Brokers
PAMM Forex Brokers
With Cent Accounts
With High Leverage
Cryptocurrency Brokers
Forums
All threads
New threads
New posts
Trending
Search forums
What's new
New threads
New posts
Latest activity
Log in
Register
Search
Search titles only
By:
Search titles only
By:
Menu
Install the app
Install
Reply to thread
Forums
Forex Discussions
Technical Analysis
Technical analysis on EU,GU and majors
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Message
[QUOTE="bhanu545, post: 76428, member: 7126"] [b]Technical analysis of USD/JPY for January 16, 2015[/b] [IMG]https://forex-images.instaforex.com/userfiles/20150116/USDJPYM30.png[/IMG] Fundamental overview: USD/JPY is expected to trade downside. It is undermined by the flows to haven JPY and unwinding JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 4.24% to 22.39, S&P 500 closed 0.92% lower at 1,992.67 overnight) as a shock decision by the Swiss National Bank to abandon the Swiss franc's ceiling against the euro that was in place for more than three years roiled global markets. USD/JPY is also weighed by the lower U.S. Treasury yields (10-year at 1.725% versus 1.835% late Wednesday), and Japan's exporter sales. But USD/JPY losses are tempered by the demand from Japan's importers and Bank of Japan's large-scale monetary easing policy and positions adjustment ahead of U.S. long weekend (financial markets in U.S. are shut for a public holiday on Monday). U.S. data were mixed on Thursday as less-than-expected 0.3% on-month fall in U.S. December PPI (versus forecast -0.4%) and stronger-than-expected rise in New York Fed Empire State manufacturing index to 9.95 in January from -1.23 in December (versus forecast 4.5) were offset by more-than-expected 316,000 U.S. jobless claims in week ended Jan. 10 (versus forecast 295,000) and bigger-than-expected drop in Philadelphia Fed business index to 6.3 in January from 24.3 in December (versus forecast 20.0). Technical comment: Daily chart is negative-biased as MACD and stochastics are bearish, although the latter is at oversold levels, five and 15-day moving averages are declining. Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 116. A break of this target will move the pair further downward to 115.50. The pivot point stands at 117.55. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to this scenario, a long position is recommended with the first target at 117.95 and the second target at 118.50. Resistance levels: 117.95 118.50 119 Support levels: 116 115.50 115 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2015 [/QUOTE]
Insert quotes…
Verification
Post reply
Top
Bottom
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…