USD/JPY: general review
Current trend
The Japanese yen, together with all commodity currencies, is falling against the US dollar. The pair USD/JPY last week renewed a five-week maximum. The report of the Bank of Japan last Tuesday confirmed the soft monetary policy, weakening the yen, and the positive labor market data from America supported the dollar. As a result, the pair is testing the critical resistance level of 113.30, which coincides with the 50% Fibonacci level of the semi-annual fall of the pair.
Today, there are no data from Japan. In the United States at 16:00 (GMT+2) the number of open vacancies in the labor market will be published. It is predicted that the number will decrease by 73K which is not a significant figure, but any diverging from the forecast may impact the movement of the pair. At 19:00 (GMT+2) and at 20:15 (GMT+2) officials of the US Federal Reserve Steven Kaplan and Eric Rosenberg will be speaking.
Support and resistance
Support levels: 112.20, 111.20, 110.20.
Resistance levels: 113.30, 114.00, 115.00.
Trading tips
Long positions can be opened at the market price with the target of 114.00, stop-loss – 113.30.
Short positions can be placed at the level of 112.20 with the goal of 111.20, the stop-loss is 113.00.
Read more analytic on LiteForex site https://www.liteforex.com/trading/forex-analysis/