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Old 20-06-2019, 11:51
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Default Re: Tifia Daily Market Analytics

USD/JPY: Current Situation

USD / JPY resumed its decline after the Fed meeting ended on Wednesday. As you know, on Wednesday, the Fed kept its monetary policy unchanged. Fed Chairman Jerome Powell said that "the committee (FOMC) wants a clearer picture of the economic situation". At the same time, Powell also said that "the arguments in favor of additional policy easing were strengthened". This statement was considered by investors as a signal to the Fed rate cut soon, and the dollar fell on sales.
On Thursday, the management of the Bank of Japan decided to leave the target level of yield on 10-year Japanese bonds around zero, and the short-term deposit rate at -0.1%.
At the same time, the bank promised to maintain the current extra-soft monetary policy at least until the spring of 2020.
However, this did not prevent further decline of the USD / JPY pair.
In the event of a breakdown of the support level of 107.00, the targets for further decline will be the support levels of 106.50 (Fibonacci level 23.6% of the pairís fall correction from the level of 125.65 that began in June 2015), 104.70 (2018 lows).
A strong negative dynamic prevails. Short positions are preferred.
Support Levels: 107.30, 107.00, 106.50, 105.00, 104.70
Resistance Levels: 108.35, 108.80, 109.15, 109.70, 110.15, 110.50

Trading scenarios

Buy Stop 108.40. Stop Loss 107.40. Take-Profit 108.80, 109.15, 109.70, 110.15, 110.50
Sell Stop 107.40. Stop Loss 108.40. Take-Profit 107.00, 106.50, 105.00, 104.70

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