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 June 23, 2015

USDJPYM30.png

USD/JPY is expected to trade in a higher range. It is underpinned by the positive dollar sentiment (ICE spot dollar index last 94.32 versus 94.06 early Monday) after the strongest increase in nearly six years of 5.1% in the US May existing home sales (versus forecast +4.2%). USD/JPY is also supported by the higher US Treasury yields (10-year rose 10.7 bps to 2.374% Monday), demand from Japan's importers, the Bank of Japan's ultra-loose monetary policy. the pair is also boosted by reduced safe-haven appeal of the yen as global risk sentiment improves (VIX fear gauge eased 8.74% to 12.74, S&P 500 closed up 0.61% at 2,122.85 overnight) on the strong US housing data and signs of progress in Greece's bailout negotiations. But USD/JPY gains are tempered by the Japanese exports.

Technical comment:

The daily chart is mixed as the MACD is bearish, but stochastics is turning bullish at oversold levels.

Trading recommendations:

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. As long as the price holds above its pivot point, long positions are recommended with the first target at 124.30 and the second target at 124.60. In the alternative scenario, short positions are recommended with the first target at 122.95 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 122.55. The pivot point is at 123.55.

Resistance levels: 124.30 124.60 125

Support levels: 122.95 122.55 122

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