26 May 2015
USD/JPY: Waiting for some better macro data from Japan – Growth Aces
FXStreet (Barcelona) - The Growth Aces Research Team expects Japanese data this week to print a good picture for the economy, hence remain short on USD/JPY.
Key Quotes
“The USD/JPY reached an eight-year peak above 122.04 today. The nearest resistance levels are psychological barrier at 123.00 and 123.67 (high on July 9, 2007). We got short at 122.20, in line with our yesterday’s strategy.”
“We are waiting for some better macroeconomic readings from Japan’s economy later this week now. Our forecast for tomorrow’s (23:50 GMT) retail sales data are much better than the market consensus.”
“Resistance: 123.00 (psychological level), 123.67 (high Jul 9, 2007), 124.14 (high Jun 6, 2007)”
“Support: 121.45 (low May 25), 120.64 (low May 22), 120.58 (low May 20)”
“USD/JPY: short at 122.20, target 120.10, stop-loss 123.10, risk factor **”
Key Quotes
“The USD/JPY reached an eight-year peak above 122.04 today. The nearest resistance levels are psychological barrier at 123.00 and 123.67 (high on July 9, 2007). We got short at 122.20, in line with our yesterday’s strategy.”
“We are waiting for some better macroeconomic readings from Japan’s economy later this week now. Our forecast for tomorrow’s (23:50 GMT) retail sales data are much better than the market consensus.”
“Resistance: 123.00 (psychological level), 123.67 (high Jul 9, 2007), 124.14 (high Jun 6, 2007)”
“Support: 121.45 (low May 25), 120.64 (low May 22), 120.58 (low May 20)”
“USD/JPY: short at 122.20, target 120.10, stop-loss 123.10, risk factor **”