In Asia, Japan will release the BOJ Monthly Report. The US will release some economic data such as PPI m/m, Core PPI m/m, TIC Long-Term Purchases, Capacity Utilization Rate, Industrial Production m/m, Fed Chair Yellen Testimony, NAHB Housing Market Index, Crude Oil Inventories, and Beige Book. So, there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.
TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.24.
Resistance. 2: 102.04.
Resistance. 1: 101.84.
Support. 1: 101.59.
Support. 2: 101.39.
Support. 3: 101.19. DESCRIPTION:
Please, pay attention to the levels of support 3 (101.19) and resistance 3 (102.24). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of USD/JPY for July 16, 2014 . Thanks for your support on Technical analysis of USD/JPY for July 16, 2014
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