First, we look into the previous day trade and what happened on August 7, 2018, and the USD/JPY pair opened at 111.391 and went high at 111.470 and gone low 110.997 and finally closed at 111.369. The calculated pivot point for the day is 111.278.
The difference between high and low was nearly 0.473 points and there was a very good chance for traders to take the opportunity between low to high levels and finally benefit.
Traders should be cautious since it reached the oversold region and they should buy at the support levels and sell at the resistance levels. Four-hour chart followers may buy at 111.670, 112.024 and sell at 111.006, 110.490 levels.
LEVELS TO BE WATCHED FOR TRADERS FOR THEIR TRADING
Level
First Level
Second Level
Third Level
Selling Level
110.80
110.60
110.40
Buying Level
111.20
111.40
111.60
EVENTS TO BE OBSERVED AT THESE TIMES TO TAKE MORE ADVANTAGE
USDJPY FUNDAMENTALS TODAY
GMT
Event
Actual
Previous
05:00
JPY Eco Watchers Survey: Outlook
49.0
50.0
05:00
JPY Eco Watchers Survey: Current
46.6
48.1
11:00
USD MBA Mortgage Applications
-3.0%
-2.6%
12:45
USD FOMC member Barkin speech
14:30
USD EIA Crude Oil Stocks change
3.803M
17:00
USD 10-Year Note Auction
2.859%
23:50
JPY Money Supply M2+CD (YoY)
3.2%
23:50
JPY Foreign bond investment
¥526.5B
23:50
JPY Foreign investment in Japan stocks
¥-63.4B
