{"id":87977,"date":"2016-04-11T16:17:00","date_gmt":"2016-04-11T20:17:00","guid":{"rendered":"http:\/\/countingpips.com\/?p=87977"},"modified":"2016-04-11T16:17:00","modified_gmt":"2016-04-11T20:17:00","slug":"usdjpy-moving-below-ma-as-nikkei-pulls-back-to-support","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/04\/usdjpy-moving-below-ma-as-nikkei-pulls-back-to-support\/","title":{"rendered":"USD\/JPY Moving Below MA as Nikkei Pulls Back To Support"},"content":{"rendered":"
April 11, 2016<\/div>
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Japan\u2019s Chief Cabinet Secretariat, Yoshihide Suga said the G20 agreement to avoid competitive devaluation does not mean Japan can not intervene unilaterally against currency movements.<\/p>\n

But with the global stock market sentiment was fragile, the level of demand for the Japanese yen<\/a> which is considered a safe-haven also increased.<\/p>\n

Suga said that the government is watching carefully the movements on currency markets, saying that yen moves one side and speculative.<\/p>\n

In addition, the Governor of the Bank of Japan Kuroda also said that the central bank will monitor how the instability of global market movements may affect the rate of inflation and Japan\u2019s economy. He also said that the BOJ will not hesitate to loosen policy<\/a> if needed to achieve the inflation target.<\/p>\n

Technical Analysis:<\/strong><\/p>\n

USD\/JPY remains under pressure, capped by falling trendline which is seen on hourly chart. The price currently is moving below 20 MA and 50 MA on hourly chart. Intraday key support is at 107.62. If the support breaks, the price may keep falling to 107.22-106.89.<\/p>

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Note that hourly stochastic is oversold. As an alternative strategy, watch for bearish signal confirmation on a pull-back move to within the reference area at 108.18-108.53 with target at 107.97-107.62. Pay attention to the trendline area.<\/p>\n

Be careful if the resistance at 108.53 breaks because it possibly will turn the intraday bias to bullish and open the chance for a bullish move up to 108.77-109.09.<\/p>\n

Nikkei is moving between 20 MA and 50 MA on hourly chart, has pulled back into the intraday Fibonacci support area at 15584-15751. Watch for bullish signal confirmation within the support area with target at 15854-16020.<\/p>\n

Be careful if the support at 15584 breaks again, because it possibly will turn the intraday bias to bullish and potentially will be followed by a bullish move up to 15739-15855.<\/p>\n

By Andrew Bulan, analyst for www.EconomicCalendar.com<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Japan\u2019s Chief Cabinet Secretariat, Yoshihide Suga said the G20 agreement to avoid competitive devaluation does not mean Japan can not intervene unilaterally against currency movements. But with the global stock market sentiment was fragile, the level of demand for the Japanese yen which is considered a safe-haven also increased. Suga said that the government is […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-87977","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/87977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=87977"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/87977\/revisions"}],"predecessor-version":[{"id":87979,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/87977\/revisions\/87979"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=87977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=87977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=87977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}