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Daily technical analysis of USD/JPY By INSTAFOREX

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Old 08-10-2015, 22:08
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Default Daily technical analysis of USD/JPY By INSTAFOREX

USD/JPY is expected to trade in a lower range. US indices closed higher on Wednesday led by shares in the Automobile & Components, Pharmaceutical Biotechnology & Life Sciences and Transportation sectors. The Dow Jones Industrial Average gained 122.10, or 0.73%, to 16,912.29. The S&P 500 added 15.91, or 0.80%, to 1,995.83, while the Nasdaq Composite rose 42.79, or 0.90%, to 4791.15. Nymex crude oil fell 1.5% to $47.81. Gold was up 0.2% at $1,149.00 a troy ounce. The yield on the 10-year Treasury note rose 0.028 percentage points to 2.061%. As for economic data, MBA Mortgage Applications soared 25.5% for the week ended on October 2 compared to a decline of 6.7% the week before. The jump follows a new home-buyer protection clause implemented by the Consumer Financial Protection Bureau that required greater loan disclosure by mortgage lenders. US dollar was broadly flat, while the euro moved lower as the German industrial-production data declined 1.2% in August. The pair has reversed down and remains under pressure below its key resistance at 120.15. The descending 50-period MA maintains a bearish bias, and is currently playing a resistance role. Meanwhile, the intraday RSI lacks upward momentum. The first target to the downside is therefore set at the horizontal support and overlap at 119.45. A break below this level would open the way to further weakness towards 119.20 in extension.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 119.45. A breakout of that target will move the pair further downwards to 119.20. The pivot point stands at 120.15. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 120.35 and the second target at 120.65.




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