Today’s Forex Guide

USD/JPY Below Cloud First in 10 Months


May.14.2015

8:45 PM (EST) Update

USD/JPY Daily
USD/JPY Daily: Breaks below  Ichimoku Cloud's . Could this be the beginning of a new downtrend?

Forex Trading Idea: Wait for the confirmation below pivot point at 118.50 before entering a short positions

Fundamental Movers: US retail sales were flat in April, while excluding autos sales rose by 0.1%. Consensus was for 0.2% and 0.5% increases for the headline and the core respectively. Separated data showed import prices dropped by 0.3% in the same month, missing expectations of a 0.3% rise.

Technical Analysis: The dollar - Yen pair continues to range inside a triangle with and opened below the Ichimoku cloud's lower level for the first time since Jun 2014. This could be a sign of a massive breakout.

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
116.90 118.50 120.70
112.30 119.50 121.77

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