WEEKLY ECONOMIC DATA TO IMPACT ON JPY
Monday - Flash manufacturing PMI
Thursday - Monetary policy statement
Friday - BOJ press conference
We can see the year-end position squaring will be triggered in some pairs and crosses. The cross broken down the support trend line and is unable to trade above that. Today, at the early Asia-Pacific session the cross faced a huge volatility. The cross managed to offset all its losses and made a new intraday high, but it is still unable to secure at the higher levels. We recommend selling only below 147.47. The cross will regain its strong momentum only above 148.60 and 147.66. The intraday support exists at 146.80. Today, at the panic stage the cross managed to hold the level and bounced from there. In case, an hourly candle closes above 148.24, it can challenge 148.90, 149.00, 149.35, and 150.00 in the near term.
The material has been provided by InstaForex Company - www.instaforex.com
