TRADING TIPS :
USD/JPY hit 120.58 during European afternoon trade, the pair’s highest since December 30; the pair subsequently consolidated at 120.55, gaining 0.66%.The pair was likely to find support at 119.22, the low of December 31 and resistance at 121.86, the high of December 8 and a seven-year high.The U.S. dollar was higher against the yen on Friday, as expectations for a U.S. rate hike this year continued to support the greenback and investors eyed the release of U.S. manufacturing activity data later in the day.The dollar remained broadly supported as a recent string of upbeat U.S. data sparked optimism over the strength of the country’s economic recovery and added to expectations for the Federal Reserve to soon raise interest rates.
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INTRADAY OUTLOOK
Support: 120.09
Resistance: 120.83
RECOMMENDATION:
1. Buy USD/JPY Above 120.85-TG: 121.25/120.75 SL 120.35
2. Sell USD/JPY Below 120.05-TG: 119.65/119.15 SL 120.55
INTRADAY OUTLOOK
Immediate Support: 1.9983
Immediate Resistance: 1.2033
RECOMMENDATION:
1. Buy EUR/USD Above -1.2035 TG: 1.2075/1.2125 SL 1.9985
2. Sell EUR/USD Below -1.9980 TG:1.9940/1.9890 SL 1.2030