US existing home sales was lower than expected, but did not give pressure on the greenback. Market’s focus is now on the central banks meeting at Jackson Hole, Wyoming, this week.

Federal Reserve Chairwoman, Janet Yellen is scheduled to speak tomorrow and it becomes main focus. Market likely will look for clues about possible rate hike in near future. Market sees that the probability of the rate hike in September is 24% and almost 50% in December, according to CME’s FedWatch.

You might want to watch US durable goods order and initial claims data today, as they probably will affect USD/JPY.

Technical Analysis:

In general, USD/JPY is in neutral bias for intraday outlook. The price currently is testing intraday resistance area at 100.544. Hourly stochastic is neutral but CCI is overbought. The pair possibly will fall today, heading to support area at 100.166-99.932.

However, be careful if the resistance 100.544 breaks once again as it might turn the intraday bias into bullish and possibly will be followed by bullish move up to 100.688-100.922.

Trading Plan:

Sell on bearish signal confirmation around 100.544; S/L @ 100.650, T/P @ 100.166 or 99.932

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