First, we look into the previous day trade and what happened on August 8, 2018, and it opened at 111.369 and the USD/JPY pair went high at 111.430 and gone low 110.829 and finally closed at 110.976. The calculated pivot point for the day is 111.278.
The difference between high and low was nearly 0.601 points and there was a very good chance for traders to take the opportunity between low to high levels and finally benefit.
The pair is going to high levels from support levels and traders should be cautious since it reached the oversold region and traders should buy at the support levels for more profits. Four-hour chart followers may consider buy at 111.084, 111.481 and sell at 110.900, 110.490 levels.
LEVELS TO BE WATCHED FOR TRADERS FOR THEIR TRADING
Level
First Level
Second Level
Third Level
Selling Level
110.85
110.65
110.45
Buying Level
111.21
111.40
111.60
EVENTS TO BE OBSERVED AT THESE TIMES TO TAKE MORE ADVANTAGE
USDJPY FUNDAMENTALS TODAY
GMT
Event
Actual
Previous
06:00
JPY Machine Tool Orders (YoY)
13.0%
11.4%
12:30
USD Producer Price Index (MoM)
0.3%
12:30
USD Producer Price Index (YoY)
3.4%
12:30
USD Producer Price Index ex Food & Energy (YoY)
2.8%
12:30
USD Producer Price Index ex Food & Energy (MoM)
0.3%
12:30
USD Continuing Jobless Claims
1.724M
12:30
USD Initial Jobless Claims
218K
