Today Japan will only release Trade Balance data. It is well-known that Japan has the highest deficit and BOJ will hold its rate. Moreover, the US tapering is a big issue in the market. Today our forecast for USD/JPY is that the pair will move with low volatility during the Asian and the European trading sessions, but it will be moving with high volatility during the US trading session, because some important data is on tap. It is Building Permits, Housing Starts, Flash Services PMI, Crude Oil Inventories, Federal Funds Rate, FOMC Statement.
TODAY's TECHNICAL LEVELS:
Resistance. 3: 103.47.
Resistance. 2: 103.27.
Resistance. 1: 103.07.
Support. 1: 102.82.
Support. 2: 102.62.
Support. 3: 102.41.
DESCRIPTION:
Please, pay attention to the levels of support 3 (102.41) and resistance 3 (103.47). Normally, when a level is touched, USD/JPY will rebound from the previous low by 10 to 20 pips, but if the level is broken through by over 50 pips, then it will be a sign that this currency pair has found a trend today.
Best regards,
Arief Makmur
Official Analyst of InstaForex Group
InstaForex Group
https://instaforex.com
blog.mt5.com/arief
https://www.mt5.com/forex_analysis_award/profile/index/arief
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