First, we look into the previous day trade and what happened on August 3, 2018, and the USD/JPY pair opened at 111.639 and went high at 111.776 and gone low 111.093 and finally closed at 111.225. The calculated pivot point for the day is 111.364.
The difference between high and low was nearly 0.683 points and there was a very good chance for traders to take the opportunity between low to high levels and finally benefit.
The USD/JPY pair is going to high levels from support levels and traders should buy at support levels for more profits. Four hour chart followers may consider buy at 111.481, 111.855 and sell at 110.902, 110.490 levels.
LEVELS TO BE WATCHED FOR TRADERS FOR THEIR TRADING
Level
First Level
Second Level
Third Level
Selling Level
111.10
110.70
110.25
Buying Level
111.54
111.73
111.98
EVENTS TO BE OBSERVED AT THESE TIMES TO TAKE MORE ADVANTAGE
USDJPY FUNDAMENTALS TODAY
GMT
Event
Previous
n/a
USD Loan Officer Survey
15:30
USD 3-Month Bill Auction
2%
15:30
USD 6-Month Bill Auction
2.16%
23:30
JPY Overall Household Spending (YoY)
-3.9%
23:50
JPY JP Foreign Reserves
$1,258.7B
See the levels in the Chart and trade accordingly:
