USD/JPY rose to fresh six year highs and was last up 0.56% to 106.78.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 indicated the economy is struggling to gain momentum and fuelled expectations for more stimulus from the Bank of Japan.Meanwhile, expectations that the Federal Reserve is growing closer to raising interest rates have continued to support demand for the greenback.
INTRADAY OUTLOOK
Support: 106.78
Resistance: 105.87
RECOMMENDATION:
1. Buy USD/JPY Above 105.90-TG:106.10/106.40 SL 105.60
2. Sell USD/JPY Below 106.75-TG:106.55/106.25 SL 107.05
INTRADAY OUTLOOK
Immediate Support:1.6065
Immediate Resistance:1.6133
RECOMMENDATION:
1. Buy GBP/USD Above 1.6135-TG:1.6155/1.6185 SL 1.6105
2. Sell GBP/USD Below 1.6063-TG:1.6043/1.6013 SL 1.6093
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