empty
 
 

2016.05.0200:39:00UTC+00Fxwirepro: Usd/jpy Recovers Slightly from Fresh 18-Month Lows at 106.13, Good to Sell Rallies

  • JPY bulls took a breather from their recent upsurge, USD/JPY is attempting a slight recovery from fresh 18-month lows at 106.13.
     
  • Sluggish manufacturing activity reports from China released over the weekend weighed negatively on the markets.
     
  • Most major Asian indices open in the red on risk-off, but lack of fresh fundamental triggers (as the Chinese markets remain closed in observance of Labour Day) sees some stabilization. 
     
  • With Japan’s markets closed for rest of the week, focus remains on the US docket.
     
  • Key US employment data later this week, along with US ISM manufacturing PMI report. 
     
  • In the meantime, the sentiment around the global equities will play a key role.
     
  • Technically upside in the pair lack momentum. RSI weak at 33. Major moving averages biased lower.
     
  • Pair is holding strong trendline support at 106.10 levels, breaks below will drag the pair to 105.50 levels.
     
  • Immediate support and resistance are located at 105.50 (Oct 16th 2014 low) and 107 respectively.

Recommendation: Good to sell rallies around 106.70, SL: 107.20, TP: 106.20/106/105.50
 

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback