- Greenback up broadly across the board on Friday after Yellen keeps alive 2015 Fed rate hike view
- In a speech late on Thursday, Yellen said she expected the Fed to begin raising rates later in 2015 as long as inflation remained stable and the U.S. economy was strong enough to boost employment
- Against the yen, the dollar firmed to 120.20, having been as low as 119.21 before Yellen’s comments
- USD/JPY has pared some of the previous day’s gains and is currently trading at 120.16, edging lower from session highs at 120.37
- Stochs on 4-hourly charts are at oversold, show bearish crossover, short-term correction lower expected
- USD/JPY is currently trading at 120.16, with immediate resiatance at 120.38 (day’s high Sept 25) and support at 119.21 (Triangle Base From 118.25)
Recommendation: Good to go short on rallies around 120.20, SL: 120.50, TP: 119.80Resistance Levels:R1: 120.38 (day’s high Sept 25) R2: 120.55 (Daily High Sep 23)R3: 120.61 (Daily High Sep 22)Support Levels: S1: 119.21 (Triangle Base From 118.25)S2: 119.05 (Daily Low Sep 18)S3: 118.86 (Daily Low Sep 8)
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