Current trend
The pair continues growing even though the Fed at yesterday’s meeting left the interest rate unchanged.
At the same time, the Bank of Japan is expected to expand its stimulation program to reach the inflation target of 2% that would lead to further fall in the Yen. Furthermore, cheaper national currency would allow increasing Japanese exports and making them more competitive, that would have a positive effect on the economy.
According to forecasts, the pair can grow to the level of 125.00.
Support and resistance
Support levels: 117.85.
Resistance levels: 119.10.
Trading tips
Open long positions from the level of 119.20 with the target at 122.35 and stop-loss at 118.90.
The pair continues growing even though the Fed at yesterday’s meeting left the interest rate unchanged.
At the same time, the Bank of Japan is expected to expand its stimulation program to reach the inflation target of 2% that would lead to further fall in the Yen. Furthermore, cheaper national currency would allow increasing Japanese exports and making them more competitive, that would have a positive effect on the economy.
According to forecasts, the pair can grow to the level of 125.00.
Support and resistance
Support levels: 117.85.
Resistance levels: 119.10.
Trading tips
Open long positions from the level of 119.20 with the target at 122.35 and stop-loss at 118.90.