The result of disappointing US economic fundamentals that were released last night stating that the level of new home sales in the US decreased, the declining durable goods orders became the retention factor for a safe haven currency. On the other hand, the good news is the German IFO data which took the European common currency from deeper pressure. The dominance of the yen began to slow as earlier this week it broke through the level of gains in the last 15 years. The speculators are not willing to bet aggressively buying the yen because of growing concern that the officials from Japan will be the threat of intervention by the Bank of Japan (BOJ). But what matters more is the effectiveness of intervention measures in case it was done without the support of other central banks. The BOJ until now has not taken real actions, it was just talking about the intervention. This pair is expected to weaken the yen. The BOJ threatens to temporarily reduce the rate of successful enough yen. The BOF may consider interventions.
Here are the important intraday levels for this pair today:
Resistance. 3 : 85.11.
Resistance. 2 : 84.95.
Resistance. 1 : 84.78.
Support. 1 : 84.57.
Support. 2 : 84.40.
Support. 3 : 84.23.
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.
