OANDA:USDJPY   US-Dollar / Japanischer Yen
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Current trend

US dollar continues to reduce against the majors due to low trading volumes. Market players are cautious waiting for the release of the minuted of the Fed’s December meeting. No important macroeconomic releases are expected from Japan until the end of the week. At the same time, US currency is under pressure from central banks of other countries, as the growth of the global economy in 2017 catalyzes the tightening of the monetary policy in a number of key states leading to the reduction of differences between the rates.

The main event of today is the release of the minutes of December Fed’s meeting. Investors hope to receive new data on further rates of the US fiscal policy. Moreover, market volatility may be caused by simultaneous release of gradual inflation build-up index and industrial PMI, as well as the data on construction expenses in the USA. The pair is extremely sensitive to inflation indicators, as its low level in the USA prevents the Fed from implementing its monetary policy plans.

Support and resistance

On the H4 chart the instrument has been corrected to 112.25. A strong support level is 112.00. Breaking through it will be a strong signal for the opening of short positions. Bollinger Bands are directed downwards, and the price range has slightly reduced. A key resistance level is 112.40. MACD histogram has reached its minimal level in the negative zone, and the strong sell signal is still valid. Stochastic fails to give a clear signal for entering the market.

Support levels: 111.60, 111.80, 112.00, 112.25.

Resistance levels: 112.40, 112.60, 112.80, 113.15, 113.35.

Trading tips

Short positions may be opened below the level of 112.25 with targets at 111.80, 111.60 and stop-loss at 112.50. The period of implementation is 1-2 days.

Long positions may be opened from the level of 112.45 with targets at 112.85 and stop-loss at 112.25. The period of implementation is 1 day.

US Dollar vs Japanese Yen

Buy Sell Spread
112.317 112.293 24

Scenario

Timeframe Day's Range
Recommendations SELL STOP
Entry Point 112.20
Take Profit 111.80, 111.60
Stop Loss 112.50
Support levels 111.60, 111.80, 112.00, 112.25, 112.40, 112.60, 112.80, 113.15, 113.35

Alternative scenario

Recommendations BUY STOP
Entry Point 112.50
Take Profit 112.85
Stop Loss 112.25
Support levels 111.60, 111.80, 112.00, 112.25, 112.40, 112.60, 112.80, 113.15, 113.35
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