Яндекс.Метрика USDJPY trades in the middle of channel ahead of data/rate decision – Technologies of the future for life!
Home / Forex Treiding / USDJPY trades in the middle of channel ahead of data/rate decision

USDJPY trades in the middle of channel ahead of data/rate decision


  • share

Channel has topside trend line at 109.13, and lower trend line at 108.52

The Japan employment report and industrial production data will be released at 2330 GMT and 2350 GMT respectively.  Later, the 2-day Bank of Japan meeting will conclude. The BOJ is expected to keep rates unchanged.

The USDJPY is trading near the high for the week at 108.893. That is just below the 38.2% retracement of the move down from the April 24 high at 112.389. That retracement level comes in at 108.918. The high for July reached 108.985 on July 10. The 108.92 to 109.00 is a key area for the bulls and bears through the data and rate decision. A move above would be more bullish, with the topside channel trendline cutting across at 109.14.  
On the downside, the move below the 108.72 level, could see more selling momentum with a lower channel trend line 108.52 (and rising) as a level that would need to be broken to solicit more selling.

ForexLive

About SkyNET

Leave a Reply

Your email address will not be published. Required fields are marked *