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USD/JPY Forecast 24 May 2016

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USD/JPY Forecast 24 May 2016
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As we expected, the pair USD/JPY came close to 109.00 but failed to overcome it yesterday.

The pair USD/JPY continues to attract our attention. And yesterday's downward movement on the back high confidence that the Fed will raise rates at the June meeting says only that traders believe in the strengthening of the yen.

Yesterday's conflicting data on the trade balance of Japan were to weaken the yen, but could not. The following important Japanese data, we will get only on Friday.

The United States will present data on new home sales. The forecast is 523K vs. 511K in March.

How to trade

Yesterday the pair USD/JPY came close to 109.00 but failed to drop below. Today, the short-term downward movement is possible in the range of 109.25 - 108.75. We would buy put binary options if the pair falls below 109.25.

Asset: USD/JPY
Direction: Put
Target price: 109.25
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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