Tuesday, 15 November 2016

USD/JPY: Bulls Aiming 111.00 Level

USD/JPY posted strong growth on Monday with daily gains of + 1.44%. The pair broke the important area at 107.50/107.80 and marked fresh high at 108.52.  
The Yen was influenced by the positive GDP data and Kuroda’s speech, who pointed that the inflation will rise slowly and monetary policy will not change until inflation reaches the target of 2%. Meanwhile Fed’s rate hike in December is also relevant to the pair with expectations have risen sharply after Trump’s win. 
Technically speaking, bulls are now fuelled to continue slowly upwards and test the next key resistance level at 111.00/111.60. RSI and Stochastic are placed now at overbought territory with the pair breaking the 200-day moving average, which is pointing that correction is not excluded. 





No comments:

Post a Comment