USD/JPY: consolidation at local highs 09.08.2021
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 shows a slight decline against JPY in trading during the morning session, retreating from local highs since July 27, which were updated at the end of last week amid the publication of a strong report on the US labor market for July. In particular, the American economy created 943K new jobs outside the agricultural sector, significantly exceeding market forecasts. It should be noted that this happened against the background of a sharp decline in the unemployment rate by 0.5% to 5.4%. Average Hourly Earnings in July also increased by 4.0% YoY from 3.7% YoY in June, while the forecasts assumed an increase of only 3.8% YoY.
Today, investors do not expect new drivers to appear on the market, and interesting macroeconomic statistics from Japan will appear only on Tuesday, when the July data on the dynamics of bank lending is released. In addition, analysts will pay attention to the Eco Watchers Surveys, which help assess the short-term and ultra-short-term outlook for the Japanese economy.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is changing slightly, but remains rather spacious for the current level of activity in the market. MACD indicator is growing preserving a stable buy signal (located above the signal line). The indicator is also trying to consolidate above the zero level. Stochastic retains upward direction, but is located near its highs, which indicates risks of overbought USD in the ultra-short term.
Resistance levels: 110.38, 110.68, 111.00, 111.34.
Support levels: 110.00, 109.57, 109.29, 109.00.
Trading tips
To open long positions, one can rely on the breakout of 110.38. Take-profit – 111.00. Stop loss – 110.00. Implementation time: 1-2 days.
A rebound from 110.38 as from resistance followed by a breakdown of 110.00 may become a signal for new sales with the target at 109.29. Stop-loss – 110.38.
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 shows a slight decline against JPY in trading during the morning session, retreating from local highs since July 27, which were updated at the end of last week amid the publication of a strong report on the US labor market for July. In particular, the American economy created 943K new jobs outside the agricultural sector, significantly exceeding market forecasts. It should be noted that this happened against the background of a sharp decline in the unemployment rate by 0.5% to 5.4%. Average Hourly Earnings in July also increased by 4.0% YoY from 3.7% YoY in June, while the forecasts assumed an increase of only 3.8% YoY.
Today, investors do not expect new drivers to appear on the market, and interesting macroeconomic statistics from Japan will appear only on Tuesday, when the July data on the dynamics of bank lending is released. In addition, analysts will pay attention to the Eco Watchers Surveys, which help assess the short-term and ultra-short-term outlook for the Japanese economy.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is changing slightly, but remains rather spacious for the current level of activity in the market. MACD indicator is growing preserving a stable buy signal (located above the signal line). The indicator is also trying to consolidate above the zero level. Stochastic retains upward direction, but is located near its highs, which indicates risks of overbought USD in the ultra-short term.
Resistance levels: 110.38, 110.68, 111.00, 111.34.
Support levels: 110.00, 109.57, 109.29, 109.00.
Trading tips
To open long positions, one can rely on the breakout of 110.38. Take-profit – 111.00. Stop loss – 110.00. Implementation time: 1-2 days.
A rebound from 110.38 as from resistance followed by a breakdown of 110.00 may become a signal for new sales with the target at 109.29. Stop-loss – 110.38.
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.