E Forex Analysis Of USD/JPY For Wednesday, July 11

First, we look into the yesterday trade and what happened on July 10, 2018, and it opened at 110.816 and went high at 111.344 and gone to low at 110.763 and finally closed at 110.997. The calculated pivot point for the day is 110.035.

The difference between high and low was nearly 0.581 points and there was a good chance for a trader to take the opportunity between low to high levels and finally benefited. Now the opportunity is, from consolidation and sideways trade to higher levels for few days due to the trade war against China. If EURUSD goes high USDJPY goes down and vice versa and watch two pairs for trading before entering into trade. For many days the range for this pair was between 109.360 to 111.400. Hourly traders are waiting for an opportunity to buy at 111.50 level or sell at 110.30 to get maximum profit. Traders can watch lower levels since it went to an overbought region.  If Domestic Corporate Goods Price Index has an impact on this pair, Japan Yen become strong, traders should watch the effect on this pair today.

LEVELS TO BE WATCHED FOR TRADERS FOR THEIR TRADING

Level

First Level

Second Level

Third Level

Selling Level

110.30

110.02

109.74

Buying Level

111.47

111.75

111.98

EVENTS TO BE OBSERVED AT THESE TIMES TO TAKE MORE ADVANTAGE

GMT

Event

Actual

Previous

04:30

 JPY Tertiary Industry Index (MoM)

0.1%

1.0%

11:00

 USD MBA Mortgage Applications

 

-0.5%

12:30

 USD Producer Price Index ex Food & Energy (MoM)

 

0.3%

12:30

 USD Producer Price Index ex Food & Energy (YoY)

 

2.4%

12:30

 USD Producer Price Index (YoY)

 

3.1%

12:30

 USD Producer Price Index (MoM)

 

0.5%

14:00

 USD Wholesale Inventories

 

0.5%

1 2
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.