MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Technical analysis of USD/JPY for November 10, 2016

USDJPYM30.png

USD/JPY is expected to trade with bullish bias above 104.65. The pair is rebounding strongly, and is now challenging its key resistance level at 106.80. The relative strength index is positive above its neutrality area at 50. Furthermore, the 20-period moving average is heading upward, and should continue to push the prices higher.

On Wednesday, U.S. stocks surged over 1% as the country appointed Donald Trump as its next president. The Dow Jones Industrial Average charged 256 points (+1.4%) to 18,589, the S&P 500 rose 23 points (+1.1%) to 2,163, and the Nasdaq Composite was up 57 points (+1.1%) to 5,251.

Health-care, banking and financial shares outperformed, while utilities and real estate sectors were under pressure.

The stock market's performance was particularly impressive considering deep overnight losses in futures -- S&P futures plunged 5% before a trading limit kicked in

Hence, as long as 104.65 is not broken, likely advance to 106.80 and 107.50 in extension.

Trading Recommendation: The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 106.80 and the second one at 107.50. In the alternative scenario, short positions are recommended with the first target at 103.85 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 102.90. The pivot point lies at 104.65.

Resistance levels: 106.80, 107.50, 108

Support levels: 103.85, 102.90, 102.40

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