The US Dollar Versus the Japanese Yen bounced off support at 107.41.
The currency pair is likely to aim for resistance level at 109.10.
However, the 108.47 area might provide a significant resistance for the exchange rate.
If the currency exchange rate breaks the two barriers, bullish traders might extend their profit towards 109.75.
Good luck guys!
Last post: June 25th 2019. See chart.
Review: Price was trending down and showed signs of further weakness.
Update: Price found strength which was shortlived by the daily 50 simple moving average.
Conclusion: We need to see a break below the previous low to confirm further weakness in this forex pair.
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=136.7.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=136.5.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
Yesterday, a fairly clear signal from the United States was received by markets and China. The USA is interested in a peaceful outcome. The information that the United States has decided to postpone the introduction of additional tariffs on Chinese goods (over $ 300 billion). Treasury Secretary Steven Mnuchin said: ‘We were about 90% of the way’ on China trade...
The pair has been on a non-stop rise inside a 1D Channel Up up until Friday that it met the MA200 (orange line). This has initiated a bearish reversal on the previous 3 occasions since December 2018. Most likely it will have a similar effect and we are choosing to sell it with a TP = 80.585. If the MA200 breaks, the price may then seek the 1W Resistance (85.250)...
Since the US non-farm jobs data was much better than expected, expectations of a Fed interest rate cut have decreased. US Dollar continues to stay strong. If it is able to remain above 109,00, we can see a reach toward 109.40. But if it stays below 109.00, we will follow 108.50.