USDJPY Yen will play dollar part of losses

USD / JPY: Yen will play the dollar part of the losses

Current trend

The US currency continues to strengthen
against all major currencies. In the first half of the month with USD / JPY reached the key resistance level
121.80, but could not overcome it.

The main catalysts for the movement of currencies today
will be on US data. America will publish a decision on the key interest rate,
held a press conference the Fed, and accompanying statements were made by members of the
Committee on the Federal Open Market. Tomorrow, Japan is to publish an index of business
Active in all sectors, and America – the statistics of the labor market. It is unlikely that the Fed
It will raise its key interest rate, and the next promises will not be able
to support the American currency as before. It is most likely that the demand for
the dollar will fall significantly, against this backdrop, the yen may win back some losses.

Support and resistance levels

In the short term the pair may
repelled from the key and the local maximum resistance and 121.90
rush down to the support level 120.00, 119.50, 118.75, 118.15. but it is worth
Note that the trend remains upward, and get involved in short positions is very risky.
In the medium term, the most likely to continue the upward movement, the breakdown
key resistance 121.90 and testing of new local maxima.

Support levels: 120.65, 120.00,
119.50, 118.75, 118.15, 117.00.

Resistance Levels: 121.90, 122.50,
123.00, 123.70.

trading recommendations

It is recommended to put short positions
key level by local maximum resistance and 121.90 short stop loss
and take-profit at the level of 120.00, 119.50, 118.75, 118.15. on descending
corrections relevant to open long positions with profit taking at elevations
123.00, 123.70.

USDJPY Yen will play dollar part of losses

Dmitry Likhachev

analyst LiteForex
Investments Limited

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