USD/JPY
The dollar slipped to a one-month low against a basket of major currencies. The US data generates a negative wave in the market. On the other hand, the Yen is supported by geopolitical concerns. The pair opened on a bearish note, higher at 101.87 and started moving lower. As of now, in Asia's session, it made a low at 101.78 levels. In yesterday's session the pair took support exactly at 200-day Sma (101.63). For today's session the pair has support at 101.60 levels. Breaks below this, we can see some selling pressure up to 101.36, 101.20 and 101.10. The bulls last hope level is between 101 (200-day Ema) and 100.83 (May 21 low). In an extreme bearish case, if the pair hits 100.75, we can see 99.60-99.40 levels in the short term.
On an intraday upside, we can see strong momentum only above 101.87 levels for 102 levels immediately, and later we can see 102.20-102.30 levels and lower side, we can see some correction below 101.63 for 101.33-101.20 and 101 levels. We are completely bearish only below 100.75 for the short term.
Short term- Buy between 101.10-100.83 with sl 100.75.
Sell below 100.75 for a target at 99.60-99.40.
Intraday- Cmp 101.83.
Buy above 101.87 for targets at 102, 102.20 and 102.30 levels.
Sell below 101.60 for targets at 101.30, 101.20 and 101 levels.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Short-term forecast and intraday recommendations on USD/JPY for June 26, 2014 . Thanks for your support on Short-term forecast and intraday recommendations on USD/JPY for June 26, 2014
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