Today the figures for the Japanese economy came out, which reflected data on exports and imports. The monthly indicators of the trade balance were lower than expected. However, the seasonally adjusted index showed data higher than expected and supported the rates of the Yen.
We don’t expect important news from the United States today, so we expect trading to be predictable by the means of technical analysis.
Now our pair has found a resistance at the level of 112.00 and by the beginning of the European session has a weak volatility.
Our indicators at the moment indicate a sell, but on the chart we can observe a weakening momentum of the downward movement. Our price has practically stopped at the resistance level, so we can expect a turn from this level to the level of 113.20.
We advise you to take a long position from the resistance level with a target of about 113.20 and a stop-loss under the level of 111.70.
