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USD/JPY expect to be consolidated ahead of BoJ - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair advanced around 100 pips ever since the beginning of the American session, boosted by positive news coming from the US.

    Key Quotes:

    "Even before the FED's hawkish statement, the pair was mildly bullish as the US Trade Balance for September showed the deficit shrank to $58.53B from the previous deficit of $67.19B."

    "The pair holds near its daily high around 121.25 ahead of the Asian session opening, and the 1 hour chart shows that the price accelerated higher through its 100 SMA, whilst the technical indicators have lost their upward strength in overbought levels, where they are now consolidating."

    "In the 4 hours chart, an early dip met buying interest around the 100 and 200 SMAs, both flat in the 119.90/120.00 price zone, whilst the technical indicators head higher after crossing their mid-lines towards the upside, favoring further declines.

    Nevertheless, the pair can spend the next 24 hours consolidating in a tight range around the current level, ahead of the BOJ's economic policy meeting at the beginning of the upcoming Friday."
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