USD/JPY: Yen is falling

Current trend

Yesterday the pair slightly grew amid Fed Chair Janet Yellen speech, in which she noted a gradual recovery of the American economy and in particular of the banking sector. In addition, the Dollar was supported by strong data on Durable Goods Orders that exceeded forecasts of economists. At the same time, the Yen was pressured by poor data on Retail Sales that came out in Japan today. In August, the index fell by 1.1%, against a 1.5% growth in the previous month. Furthermore, Large Retailers’ Sales fell by 3.6% that was significantly worse than expectations.
Tomorrow attention also needs to be paid to data on the National Consumer Price Index, Unemployment Rate, Industrial Production, Housing Starts and Construction Orders in Japan.

Support and resistance

Bollinger Bands on the daily chart is moving down while the price range is narrowing from the bottom. MACD is growing having formed a quite strong buy signal. Stochastic is quickly growing, moving away from the border of the oversold zone.
The indicators recommend long positions.
Support levels: 101.20 (local low), 100.93, 100.67, 100.44, 100.00 (psychologically important level), 99.53 (16 August low), 99.00 (24 June low).
Resistance levels: 101.48 (local high), 101.73, 102.00, 102.26, 102.45, 102.78 (21 September high), 103.00, 103.55 (14 September high), 104.00, 104.31 (2 September high), 104.82.

Trading tips


Long positions can be opened after the breakout of the level of 101.70 with targets at 102.70, 103.00, 103.30 and stop-loss at 101.30. Validity – 2-3 days.

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GBP/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from below, current cloud is descending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (130.91). The closest resistance level is the lower border of the cloud (131.61).            

On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from above, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (130.13). The closest resistance level is Tenkan-sen line (131.50).

Recommendation

On the four-hour chart the instrument is still rising. On the daily chart we can see a correction of the downward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (131.93) line and Stop Loss at the level of Kijun-sen line (130.91).                                          

EUR/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from below, both lines are directed upwards. Confirmative line Chikou Span has crossed the price chart from below, current cloud is descending,Stock Markets The instrument has broken through Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (113.88). The closest resistance level is Tenkan-sen line (113.13).            

On the daily chart Tenkan-sen line has crossed Kijun-sen from above, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. Tenkan-sen and Kijun-sen lines have become support (113.60) and resistance (114.20) levels respectively

Recommendation

It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (114.48) and Stop Loss at the upper border of the cloud (113.41).                                          

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EUR/USD: Dollar is strengthening

Current trend

Yesterday the pair substantially declined amid strengthening in the US Dollar.
The American currency was supported by strong macroeconomic statistics from the US. In September, the Markit Services PMI grew from 51.0 to 51.9 points, against a forecasted increase to only 51.1 points. The Consumer Confidence rose from 101.8 to 104.1 points while economists predicted a decline to 99.0 points.
In addition, the Dollar was supported by the results of the first presidential debates in the US, during which the democratic candidate Hilary Clinton appeared more convincing than her opponent Donald Trump did. Market participants are afraid of unpredictability of Trump while Clinton’s victory brings fewer risks.

Support and resistance

Bollinger Bands on the daily chart is moving horizontally while the price range is narrowing. MACD is turning down and forming a sell signal. Stochastic turned down as well having bounced off the border of the overbought zone.
The indicators recommend short positions.
Support levels: 1.1200 (local low), 1.1190 (local low), 1.1171, 1.1148, 1.1130, 1.1122 (31 August low).
Resistance levels: 1.1228 (local high), 1.1253, 1.1268, 1.1284 (9 September high), 1.1300, 1.1326 (8 September high), 1.1340 (26 August high).

Trading tips

Short positions can be opened after the breakdown of the level of 1.1200 with targets at 1.1130, 1.1100 and stop-loss at 1.1230. Validity – 2-3 days.

Long positions can be opened after the price consolidation above the level of 1.1210 with targets at 1.1270, 1.1300 and stop-loss at 1.1180. Validity – 2-3 days.

CAC: fall slows

Current trend

Yesterday the French stock market index CAC 40 showed volatile trade and slightly fell on the trading session. The European stock market was moderately supported by statistical data from the US that, in light of Hilary Clinton victory at the presidential debates, brought back optimism to the markets. The Markit Services PMI in September grew from 51.0 to 51.1 points while Consumer Confidence increased from 101.8 to 104.1 points. Both indices significantly exceeded their forecasts.
Today attention needs to be paid to appearances by heads of the ECB and the Fed. Optimistic commentaries by Janet Yellen on the US economy prospects and further path of monetary policy tightening might substantially support the Dollar.

Support and resistance

Bollinger Bands on the daily chart is moving down while the price range is narrowing. MACD is falling and giving a sell signal. Stochastic is falling as well and approaching the oversold zone.
The indicators recommend waiting for clearer trading signals.
Support levels: 4401.3 (local low), 4383.1, 4359.7 (local low), 4306.7 (16 September low), 4290.7
 (3 August low).
Resistance levels: 4424.2 (local high), 4451.3, 4486.5, 4516.5, 4528.3 (22 September high), 4568.1 (8 September high), 4581.2, 4614.0 (21 April high).

Trading tips

Long positions can be opened after the breakout of the level of 4451.5 (with the appropriate indicators signals) with targets at 4500.0, 4561.2 and stop-loss at 4415.0. Validity – 2-4 days.

Short positions can be opened after the breakdown of the level of 4400.0 with the target at 4322.0 and stop-loss at 4430.0. Validity – 2-4 days.

AUD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud has reversed from descending to ascending. The instrument has broken through the cloud and is still rising. The closest support level is the upper border of the cloud (77.09). One of the previous maximums of Chikou Span line is expected to be a resistance level (77.36).

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