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> Technical Analysis 2017.07.24 – USD/JPY GBP/JPY
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Technical Analysis 2017.07.24 – USD/JPY GBP/JPY

STO

Disclaimer

The Yen, along with most major currencies, not only held their price but increased it against USD. Towards the end of last week the Bank of Japan made a decision hold interest rates unchanged, which seems to be the trend amongst central banks around the world. This is in addition to a revised forecast of 1.4% to 1.1% inflation rate. Japanese trading balance was also in the red, being its lowest in the last 15 months. Even taking all of these relatively negative factors into mind, the Japanese currency continued to upwards, causing USD/JPY to drop slightly.

For the second consecutive week the US has released less than favorable economic reports – compounding this was the Trump administration’s legislative impotence proven by their inability to reform healthcare. something else that will potentially hurt USD, the FOMC will decide on its interest rate policy (with all signs pointing towards a dovish stance at the moment) on July 26.

USD/JPY managed to break through support at 112.50-111.50 and if the trend continues we could see prices dip below 110.00.

The US is releasing both industrial and service PMIs - 15:45 GMT+2 and later on in the day the expected changes and growth in the volume of sales in the secondary housing market - 16:00 GMT+2 although a speculative decline is expected.

Support and resistance
Support levels USD/JPY: 110.50, 109.00, 108.10.
Resistance levels USD/JPY: 111.50, 112.50, 113.20.



GBP/JPY
The day chart is showing the Kijun-sen below the Tenkan-sen line the red line has an upward vector, the blue is on a unchanged vector. The Chikou Span confirmative line is over the price chart, indicating a ascending cloud. The currency pair is banded by the Kijun-sen and Tenkan-sen lines. The most proximate support is set by the Kijun-sen at 143.784. The most proximate resistance is delineated by the Tenkan-sen line at 145.793.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

STO Review

Source: https://www.stofs.com/en/newsroom/entry/TECHNICAL/technical-analysis-20170724-usdjpy-gbpjpy/?camp=24219
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