Overview:
GBP/JPY is in range-trade. The rate is undermined by euro sales from Japan exporters. But GBP/JPY downside is limited by Bank of Japan’s aggressive easing measures to help reach its 2% inflation target; euro demand from Japan importers; positions adjustment before weekend. Daily chart is mixed as MACD is bullish, but stochastics is bearish at overbought.  

Trading recommendations: 
The pair is trading above its pivot point. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, it will be most favorably to trade in higher range and buy position is recommended above its pivot with the first target at 156.4 and the second target at 156.75. You should keep in view short position below the pivot keep of the first target at 154.8, the breach of this target will move the pair downward further and expect the second target at 154.5. The pivot point stands at 155.3.  

Resistance levels:
R1 – 156.4
R2 – 156.75
R3 – 157
Support levels:
S1 – 154.8
S2 – 154.5
S3 – 154.2

The material has been provided by InstaForex Company – www.instaforex.com

Overview:
USD/JPY is in range-trade. The rate is supported by renewed speculation that U.S. Federal Reserve might wind down its quantitative easing measures after Fed’s John Williams said he is open to tapering the central bank’s bond-buying program in coming months if the economy continues to improve, suggesting the Fed could begin trimming its $85 billion-a-month bond purchases by summer. USD/JPY also buoyed by demand from Japan importers and investment trusts; weak yen sentiment on Bank of Japan’s aggressive easing measures to help reach its 2% inflation target; report showing Japanese investors were net buyers of Y186.48 billion worth of foreign bonds and Y19.28 billion of foreign stocks in the week ended May 11, suggesting they were moving money out of the country following the BOJ’s drastic increase in its bond-purchasing program. But dollar sentiment dented by soft U.S. economic data: U.S. CPI fell by more-than-expected 0.4% in April (vs minus 0.3% forecast), U.S. housing starts declined bigger-than-expected 16.5% in April (vs minus 6.4% forecast), latest U.S. weekly jobless claims unexpectedly jumped by 32,000 to 360,000 (vs 330,000 forecast), Philadelphia Federal Reserve’s index of business conditions unexpectedly fell to minus 5.2 in May from plus 1.3 in April (vs forecast for rise to +2.0). USD/JPY upside also limited by Japan exporter sales; positions adjustment before weekend. Daily chart is mixed as MACD is bullish, 5- and 15-day moving averages are rising; but stochastics is bearish at overbought. 

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 103.05 and the second target at 103.3. You should keep in view short position below the pivot keep of the first target at 101.25, breach of this target will move the pair downward further and expect the second target at 100.85. The pivot point stands at 101.95.

Resistance levels:
R1 – 103.06 (Oct. 14, 2008 reaction high)
R2 – 103.3
R3 – 103.75 

Support levels:
S1 – 101.25 (Tuesday’s low)
S2 – 100.85
S3 – 100.54 (May 10 low)  

The material has been provided by InstaForex Company – www.instaforex.com

Overview:
USD/CHF is in range-trade. The rate is undermined by soft U.S. economic data; franc demand on retreating EUR/CHF cross. But USD/CHF downside is limited by renewed speculation that Federal Reserve might taper its bond-buying program in coming months; positions adjustment before weekend. Daily chart is mixed as MACD is bullish, 5- and 15-day moving averages are rising; but stochastics has turned bearish at overbought. 

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.9809 and the second target at 0.986. You should keep in view short position below the pivot keep of the first target at 0.9625, breach of this target will move the pair downward further and expect the second target at 0.959. The pivot point stands at 0.966 .

Support levels:
S1 – 0.9625
S2 – 0.959
S3 – 0.9576 (Thursday’s low) 

Resistance levels:
R1 – 0.9809 (Aug. 10, 2012 high)
R2 – 0.986
R3 – 0.9898 (Aug. 2, 2012 high) 

The material has been provided by InstaForex Company – www.instaforex.com