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27th Oct 2014 USD/JPY Analysis

27th Oct 2014 USD/JPY Analysis

dollar, Yen, USD/JPY outlook, USD/JPY technical analysis, USD/JPY Forecast, Japanese Yen, USDJPY analysis, USDJPY outlook, USDJPY technical analysis, USDJPY analysis, USDJPY forecast, USD/JPY analysis, Bank of Japan, BOJ, Kuroda, Haruhiko Kuroda, Shinzo Abe, U.S Dollar, USD, Abenomics USD/JPY could be set for 2 days of huge movements as Thursday’s FOMC and Friday’s BOJ meeting shapes the outcome of this pair as support at 161.8% has been tested.

dollar, Yen, USD/JPY outlook, USD/JPY technical analysis, USD/JPY Forecast, Japanese Yen, USDJPY analysis, USDJPY outlook, USDJPY technical analysis, USDJPY analysis, USDJPY forecast, USD/JPY analysis, Bank of Japan, BOJ, Kuroda, Haruhiko Kuroda, Shinzo Abe, U.S Dollar, USD, Abenomics The week began with a fall in the USD/JPY but support at 106 was quickly tested and rebound as optimism remains on the U.S dollar’s sentiment.

dollar, Yen, USD/JPY outlook, USD/JPY technical analysis, USD/JPY Forecast, Japanese Yen, USDJPY analysis, USDJPY outlook, USDJPY technical analysis, USDJPY analysis, USDJPY forecast, USD/JPY analysis, Bank of Japan, BOJ, Kuroda, Haruhiko Kuroda, Shinzo Abe, U.S Dollar, USD, Abenomics A second retest and resistance at 108.2 can confirm the continued downtrend of the pair, but bearing in mind the announcements at the end of the week, stay clear of this pair for the swing and protect intraday profits should you consider shorting.

Yen gains are not favourable for stocks traders and as many would have figured a weaker Yen correlates to a more than positive outlook for the Nikkei. Declines in Japan’s currency will be a boon for company earnings and help consumer sentiment, while the Japanese Government will likely turn off short sellers for Japanese stocks as the likelihood of stimulus before Japanese stocks bottom out are likely.The BOJ says it’s ready to add stimulus if the economy falters, while on Oct. 20, a Nikkei newspaper report the country’s $1.2 trillion pension fund would buy local shares roused the TOPIX from a three-week rout.

108.2 remains a barrier for the pair for the start of the week as the support price of 2nd October may be revisited as a potential resistance, with 107 the level to break for more bearish action to follow. That is, before the Thursday-Friday combo of the FOMC Meeting Minutes, followed by Yellen’s speech and the BOJ monetary policy statement and press conference.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Slight Bearish105.67106.35107.6108.2109110

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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