USD/JPY rose to six year highs of 106.34 and was last up 0.23% to 106.25.The yen remained under pressure after data on Monday showing that Japan’s second quarter economic contraction was larger than initially estimated, and another report showing that the country’s current account surplus fell short of expectations in July.The weak data raised expectations for further easing measures from the Bank of Japan to stimulate the economy.In contrast, the Federal Reserve is expected to wind up its asset purchase program in October and to start raising interest rates sometime in mid-2015. A study by the San Francisco Fed published on Monday indicated that central bank officials see rates rising earlier than markets expect.
INTRADAY OUTLOOK
Support: 106.50
Resistance: 105.77
RECOMMENDATION:
1. Buy USD/JPY Above 105.80-TG: 106.00/106.30 SL 105.50
2. Sell USD/JPY Below 106.47-TG:106.27/105.97 SL 106.77
INTRADAY OUTLOOK
Immediate Support:1.6038
Immediate Resistance:1.6123
RECOMMENDATION:
1. Buy GBP/USD Above 1.6125-TG: 1.6145/1.6175 SL 1.6095
2. Sell GBP/USD Below 1.6036-TG:1.6016/1.5986 SL 1.6066
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