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USD/JPY Forecast 11 May 2016

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USD/JPY Forecast 11 May 2016
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The pair USD/JPY still attracts attention of the traders

As we mentioned in previous reviews, just the Bank of Japan could stop the decline of the Japanese yen.

The Japanese yen also may strengthen due to the growth of the Japanese stock market. Yesterday the Nikkei gained 2.16%, which helped the Japanese yen to strengthen.

Today, the US is to publish data on Federal Budget Balance. Tomorrow Japan will publish Trade Balance data, the forecast is 1.90 trillion yen versus 1.73 trillion in February.

How to trade

If the pair manages to rise above 109.35, it will continue to grow. The short-term downward movement is possible in the range of 108.38 - 108.03. We would call options if the pair rises above 109.35. We would buy put options if the pair falls below 108.38.

Expiry time: 20:00 GMT

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.

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