In Asia, Japan will release the CSPI y/y and the US will release some economic data such as US-S&P/CS Composite-20 HPI y/y, US-HPI m/m, US-CB Consumer Confidence, US-Richmond Manufacturing Index. So there is a big probability that the USD/JPY will move with low volatility during the Asian session; however, with low to medium volatility during the US session.
Today's technical levels:
Resistance. 3: 103.03.
Resistance. 2: 102.83.
Resistance. 1: 102.63.
Support. 1: 102.38.
Support. 2: 102.18.
Support. 3: 101.98.
Description:
Please pay attention to the levels of support 3 (101.98) and resistance 3 (103.03). Normally, when the level is touched, the USD/JPY will rebound from the previous low by 10 to 20 pips. However, if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
