MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Technical analysis of USD/JPY for November 03, 2016

USDJPYM30.png

USD/JPY remains under pressure below its key resistance at 103.50 and is likely to test its nearest support at 102.45 in the coming trading hours. The risk of a slide below this threshold remains high, as the falling 50-period moving average maintains the strong selling pressure on the prices.

On Wednesday, U.S. stocks posted further losses as uncertainty over the presidential election remained and the Federal Reserve sent new hints about a possible December rate increase. The Dow Jones Industrial Average fell 77 points (-0.4%) to 17,959, the S&P 500 lost 13 points (-0.7%) to 2,097 and the Nasdaq Composite was down 48 points (-0.9%) to 5,105.

Real estate and utilities shares remained the worst performers.

The Fed Reserve, as expected, decided to leave interest rates steady following a two-day policy meeting. However, the central bank sent new signals that it could raise rates in December. In its post-meeting policy statement the Fed pointed out, "Inflation has increased somewhat since earlier this year but is still below the Committee's 2% longer-run objective. The rate-setting committee judges that the case for an increase in the federal funds rate has continued to strengthen but decided, for the time being, to wait for some further evidence of continued progress toward its objectives."

Meanwhile, payroll processor ADP reported that U.S. employers added 147,000 private jobs in October, lower than a gain of 170,000 jobs expected.

To conclude, as long as 103.45 is not surpassed, look for a new pullback to 102.45 and 102.00 in extension.

Trading Recommendation: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 102.45. A break below this target will move the pair further downwards to 102.00. The pivot point stands at 103.50. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 103.90 and the second one at 104.65.

Resistance levels: 103.90, 104.65, 105.15

Support levels: 102.45, 102.00, 101.45

The material has been provided by InstaForex Company - www.instaforex.com