TRADING
TIPS :
The JPY/USD pair trades modestly flats
at 120.17, supported above 120.09 lows, which coincides with the
hourly 100-SMA. The USD/JPY continues to trades around a flat-line
ahead of the European open as thin volumes and no fresh fundamental
triggers keep the major side-lined. The pair is divided by the
dropping 2015 Fed rate-hike bets on one hand and further easing talks
from the BOJ later this month.However, in the week ahead,inflation
figures from the US and China while lot of Fed speaks may provide
that much needed impetus to the dollar-yen pair and thus, might break
away from the recent range-trade.To the upside, the next resistance
is located at 120.25/31 (daily R1 & R2) beyond which 120.56/60
(Oct 5 Highs & 50-DMA) could be tested. Above the last, the pair
could climb further towards 121/121.02 (round number & Sept 17
High). To the downside immediate support might be located at
120.04/05 (Hourly 50 & 200-SMA), below which 119.22-21 (Sept 29 &
24 Lows) could be exposed. A breach of the last, the pair could drop
to 118.83 (Sept 8 Low) levels.
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.5380 TARGET 1.5400 1.5430 SL 1.5350
SELL
GBP/USD BELOW 1.5320 TARGET 1.5300 1.5270 SL 1.5350
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.1400 TARGET 1.1420 1.1450 SL 1.1370
SELL
EUR/USD BELOW 1.1360 TARGET 1.1340 1.1310 SL 1.1390
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