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USD/JPY Forecast 29 Apr 2016

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USD/JPY Forecast 29 Apr 2016
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Yesterday USD/JPY was the center of attention

Yesterday, the Bank of Japan did not increase the current program, and investors began to leave the Japanese market.

As a result, Nikkei225 collapsed by 3.61%, while the Japanese yen lost 350 points. Moreover, the FOMC hints that the rate hike may be postponed only increased the pressure.

It is worth to say that the indicators showed a positive trend. In March industrial production grew by 3.6%, the unemployment rate fell to 3.2% from 3.3%. The volume of retail sales showed a decline by 1.1%, but the forecast was even worse -1.5%. The household spending rose by 0.5% in March.

How to trade

The pair USD/JPY will try to stay above 107.00. Now the levels of 108.86, 107.67, 106.97, 106.42 are the key levels on the hourly chart of the USD/JPY. The downward movement is possible after the breakdown of 106.97. If the pair falls below 106.97, we would buy put binary options.

Asset: USD/JPY
Target price: 106.97
Close price: 106.28
Direction: Put
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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