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The US dollar continues to trend in a familiar range below 121.00 level against the Japanese yen. Settles near-term support at 118.78, which is 50% Fibonacci retracement, with a break below that on the basis of the daily closing reveals the way for the 61.8% level at 118.02. Instead, Ricochet above trendline resistance at 119.93 pave the way for a test Tusaphipponacci 38.2% at 120.79.
It enabled the USD / JPY is a new daily record of earnings during the New York session after another round of demand for the dollar despite the US housing data which was below expectations.
Rushed dollar pair / JPY USD / JPY upward and overcome the top at 119.88 before finding resistance and declining slightly. At the time of writing the pair is trading at the 119.80 zone, recording a profit by 0.36% on the day.
This week could be a version of the Open Market Committee meeting minutes on Wednesday and the US consumer price index on Friday to submit in support of the pair USD / JPY USD / JPY, which has spent the past sessions wobbling without direction between 119 and 121.
Being dollar versus the yen to test the triangle resistance that resides at 120.10, and the Stochastic shows negative signs now may pressure the pair to visit support this triangle, which resides at 119.00.
As long as the price is between these two levels, we continue to remain neutral until now, waiting for a breakthrough, one to determine the next direction more clearly, and to know the details of the expected goals of penetration, please refer to our previous report.
Expected trading range for today is among the 119.00 support and 121.00 resistance range
Big power of the dollar to $ marriage / JPY USD / JPY pushing above 120.00 for the first time this week, although the pair still lacks any kind of flying powers, enhanced steadily lower level of 120.20 ahead of US data positive surprise, which pushed the pair upward."
"Now with a break above the 120.40 figure, the graph for one hour shows that the price extends above the moving Mtostath, while technical indicators trending sharply upward after being bounced from the middle lines."
"Chart for 4 hours RSI expects further progress, heading upward near 70, although the momentum index over 100 fixed and does not reflect recent progress after.
The dollar rallied against the yen pair up to penetrate the resistance triangle referred to him in the last of our reports and trying to stability above it, closing with a candle the last four hours of it, thus opening the way for the continuation of the bullish tendency rest of the day, the main target resides at 121.83 first.
The pair succeeded against the yen to confirm penetration resistance triangle shown image, and as we pointed out in the last technical Thaditna, this breakthrough lead price to achieve positive goals start mainly at 121.83, indicating that the breach of this level will provide important positive key will provide the pair gains to reach 124.00 areas.
USDJPY: Consolidation in the 120.84-121.47 range
USDJPY
Mag. 21, 2015, 09:33
Buy on rebound from 120.84 level with 121.47 target. Stop loss = 120.34.
Reason for the trading strategy
The soft US Federal Reserve minutes have put pressure on the US dollar against the yen. Today, it is worth paying attention to the weekly labor market statistics and to the sales in the secondary real estate market in the United States. With the USD/JPY pair lowering to the 120.84 level, opening long positions should be considered.
USDJPY, H4
https://www.exness.com/media/media/2015/05/21/3.png
Continue dollar versus the yen to rise ****ually approaching our main first expected at 121.83, and shows some bearish bias slight now influenced by passively Stochastic, noting that the index gets rid of these negative in an attempt to gain positive momentum enough to pay the price for the resumption of the bullish trend, which gets good positive support from the SMA 50.
So far, we expect that the upward trend will continue in the coming period consistently above the price level of 120.05, with a reminder that the breach of 121.83 will open the way for the extension of the bullish wave towards 124.00.
Expected trading range for today is among the 120.00 support and 122.50 resistance range
Daily Forecast
Major Trend: Bullish
Time Frame: H1
Reason: Possible market still will retest the first resistance at 121.47 to cover the long shadow kemarin.Target were in 121.68
Recommendation: Buy
Spoiler: