Antony_NPBFX
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USD/JPY: USD is correcting at the end of the week 22.10.2021
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.
Current trend
USD is trading marginally higher against JPY in Asia, consolidating at 114.00. The day before, USD/JPY showed a moderate decline, retreating from its record highs and renewing the local lows of October 14, as at the end of the week there are quite strong corrective sentiments in the market. At the same time, a more confident decline in USD yesterday was hampered by optimistic statistics from the US on the dynamics of initial and continuing jobless claims. The number of initial jobless claims was only 290K, while analysts expected an increase to 300K.
Today, JPY is moderately supported by the Japanese macroeconomic data. National Consumer Price Index in September rose by 0.2% YoY after falling by 0.4% YoY in August. Analysts had expected an even more confident fall in prices by 0.8% YoY. Jibun Bank Manufacturing PMI rose from 51.5 to 53 points, which was also better than the forecasts at 51.4 points.
Support and resistance
Bollinger Bands in D1 chart show stable growth. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD reversed downwards having formed a new sell signal (located below the signal line). Stochastic is showing a downtrend being located in the middle of its area.
Resistance levels: 114.00, 114.50, 115.00, 115.50.
Support levels: 113.50, 113.00, 112.06, 111.19.
Trading tips
To open long positions, one can rely on the breakout of 114.50. Take-profit – 115.50. Stop-loss – 114.00. Implementation time: 2-3 days.
The breakdown of 113.50 may serve as a signal to new sales with the target at 112.06. Stop-loss – 114.00.
Use more opportunities of the NPBFX analytical portal: E-book
If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.
You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on USD/JPY and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.
Current trend
USD is trading marginally higher against JPY in Asia, consolidating at 114.00. The day before, USD/JPY showed a moderate decline, retreating from its record highs and renewing the local lows of October 14, as at the end of the week there are quite strong corrective sentiments in the market. At the same time, a more confident decline in USD yesterday was hampered by optimistic statistics from the US on the dynamics of initial and continuing jobless claims. The number of initial jobless claims was only 290K, while analysts expected an increase to 300K.
Today, JPY is moderately supported by the Japanese macroeconomic data. National Consumer Price Index in September rose by 0.2% YoY after falling by 0.4% YoY in August. Analysts had expected an even more confident fall in prices by 0.8% YoY. Jibun Bank Manufacturing PMI rose from 51.5 to 53 points, which was also better than the forecasts at 51.4 points.
Support and resistance
Bollinger Bands in D1 chart show stable growth. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD reversed downwards having formed a new sell signal (located below the signal line). Stochastic is showing a downtrend being located in the middle of its area.
Resistance levels: 114.00, 114.50, 115.00, 115.50.
Support levels: 113.50, 113.00, 112.06, 111.19.
Trading tips
To open long positions, one can rely on the breakout of 114.50. Take-profit – 115.50. Stop-loss – 114.00. Implementation time: 2-3 days.
The breakdown of 113.50 may serve as a signal to new sales with the target at 112.06. Stop-loss – 114.00.
Use more opportunities of the NPBFX analytical portal: E-book
If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.
You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on USD/JPY and trade efficiently with NPBFX.