Today traders eye the BOJ monetary policy meeting. The pair was unable to breach the previous week's high and successfully held 20Dsma. For the last 3 days the pair has got enough support to push the pair back to higher levels. The pair has support at 108.50 20Dsma, below this, 108.0. In case if the pair closes below 20Dsma, 108.50, the weakness will come to foreground to drive the pair towards 107 and 106.80 levels. On the other hand, until the pair closes above 20Dma, we can expect new higher levels. If the pair manages to breach 111.10, it can extend its bull image up to 112 immediately. We recommend buying above 109.90 and safe buyers can take long positions above 110.10 for an upside target at 112 levels.
Support: 108.0, 107.40, 106.80
Resistance: 109.50, 110.10, 112.00
For an intraday view, the pair is trading near a 6-hour low at 108.66 levels. Ahead of the BOJ announcement, we expect some pullback from the current lower levels. The prices are closed and trading below 12ema and 35DEMA. We recommend buying at the current levels for a target at 109.00, 109.15, 109.25 and 109.50. For an hourly trading perspective the prices have strong resistance at 109.25 (35DEMA). We expect strong buying above 109.25 for an extending target at 109.50. Use sl 108.35 for this view.
Buy at cmp 108.76, sl 108.35, target is 109.00, 109.15, 109.25 and 109.50.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Weekly forecast and intraday trading recommendations for USD/JPY for October 07, 2014 . Thanks for your support.
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