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.
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
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