KRED

Monday, May 15, 2017

Fxwirepro: Usd/jpy Neutral in the Near-Term, Scope for Downward Resumption

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  • USD/JPY declined on Monday as the dollar took a hit from geopolitical fears following North Korea’s missile test and by a batch of weak data.
     
  • The greenback was pinned back after North Korea said it had successfully tested a new mid-to-long range missile able to carry a large-scale nuclear warhead.
     
  • The news triggered an uptick in demand for safe-haven securities like gold and Japanese yen.
     
  • Short rally in this pair should be viewed as selling opportunities, as US dollar is weaker against the Japanese yen in short term.
     
  • To the upside, the strong resistance can be seen at 114.08, a break above this level would take the pair towards next resistance level at 114.39.
     
  • To the downside immediate support can be seen at 113.09, a break below this level will open the gates towards next level at 112.81.

    Resistance Levels

    R1: 113.66 (50% Retracement level)

    R2: 114.08 (61.8% Retracement level)

    R3: 114.39 (May 11th high)

    Support Levels

    S1: 113.09 (50 % Retracement level)

    S2: 112.81 (March 16th lows)

    S3: 112.22 (Feb 12th lows)

The material has been provided by InstaForex Company – www.instaforex.com

May 15, 2017 at 10:23PM

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