Pair USD/JPY is being traded with the decrease in European session, reaching the new maximum in six month on the 103.38 mark on Tuesday during the Asian trading session. On the market it’s being said about big short orders, related to options, on the levels of 103.5, 103.75 and 104.00. It’s being said as well about stop-orders placed higher than 103.74 mark, 2013’s maximum. Now USD/JPY is being traded at 102.80, and long orders from the importers’ side are, supposedly, a little bit lower than 103.00 level.
Trading recommendation: buy the pair when the price breaks through and firmly establishes higher than the strong intermediate level of resistance 104.00 by small volumes. Gradually increase positions in case of strengthening the pair above the 104.40 mark with the first aim of 105.00, and the further aim 108.00.
Analyst Andrew Berdanski