The growing yen rate against the US dollar which is at a 15-year high and versus the euro, which has touched a 9-month high, made the verbal intervention of the officials from the BOJ and the Japanese government not actual. The impression on the market is that the BOJ will not move like a mountain. Another factor that makes the yen enhancement continuous is the US dollar weakening after the National Association of Realtors’ data have shown that home sales in the US fell by 27% in July. This percentage is higher than the estimated by the market. The increasing yen is also a result of the Nikkei Home News report regadring that the Bank of Japan is likely to broaden the monetary easing. The Ministry of Finance reportedly is also considering to intervene if speculators continue to make the yen uprise.
The important intraday levels for this pair today are:
Resistance. 3 : 84.84.
Resistance. 2 : 84.68.
Resistance. 1 : 84.51.
Support. 1 : 84.30.
Support. 2 : 84.14.
Support. 3 : 83.97.
Suggestions:
Scalping from 10 pips to 20 pips near the Support. 3 for BUY and the Resistance. 3 for SELL; but please, pay attention, that if this pair is still moving for 47– 50 pips after breaking through the Support. 3 or the Resistance. 3, then it is likely to continue the advance, so please, change the position beforehand.
