Trading Tips:The JPY/USD pair trades modestly flats at 120.17, supported above 120.09 lows, which coincides with the hourly 100-SMA. The USD/JPY continues to trades around a flat-line ahead of the European open as thin volumes and no fresh fundamental triggers keep the major side-lined. The pair is divided by the dropping 2015 Fed rate-hike bets on one hand and further easing talks from the BOJ later this month.However, in the week ahead,inflation figures from the US and China while lot of Fed speaks may provide that much needed impetus to the dollar-yen pair and thus, might break away from the recent range-trade.To the upside, the next resistance is located at 120.25/31 (daily R1 & R2) beyond which 120.56/60 (Oct 5 Highs & 50-DMA) could be tested. Above the last, the pair could climb further towards 121/121.02 (round number & Sept 17 High). To the downside immediate support might be located at 120.04/05 (Hourly 50 & 200-SMA), below which 119.22-21 (Sept 29 & 24 Lows) could be exposed. A breach of the last, the pair could drop to 118.83 (Sept 8 Low) levels.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5380 TARGET 1.5400 1.5430 SL 1.5350
SELL GBP/USD BELOW 1.5320 TARGET 1.5300 1.5270 SL 1.5350
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