Published On: Wed, Mar 1st, 2017

USD/JPY: general analysis

InstaForex

Current trend

Yesterday the pair was falling in the first half of the day amid some anxiety growth on the market prior to US President Trump speech in Congress. In addition, the Yen was supported by strong data on the construction sector in Japan. However, towards the end of the day the Dollar turned up amid growth in US treasury yields and due to a publication of strong data on the Chicago PMI and Consumer Confidence in the US.

Today attention needs to be paid to data on the Core Personal Consumption Expenditure – Price Index, ISM Manufacturing PMI, Construction Spending, Fed’s Beige Book and FOMC Member Kaplan speech in the US.

Support and resistance

Support levels: 112.40, 110.60, 109.25, 107.50.

Resistance levels: 115.60, 117.80, 120.60.

Trading tips

Long positions can be opened from current prices with the target at 115.60 and stop-loss at 113.00.

Short positions can be opened from the level of 112.40 with the target at 110.60 and stop-loss at 112.90.

Forex Analysis

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