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Technical analysis and trading recommendation on USDX & USD/JPY for May 01, 2015

In the week ending April 25, the advance figure for seasonally adjusted initial claims was 262,000, a decrease of 34,000 from the previous week's revised print. This is the lowest level for initial claims since April 15, 2000 when it was 259,000. Just after the FOMC meeting, the US economic data delivered stellar prints. Personal income increased $6.2 billion or less than 0.1 percent, and disposable personal income (DPI) increased $1.6 billion, or less than 0.1 percent in March, according to the Bureau of Economic Analysis. Real DPI decreased 0.2 percent in March in contrast to an increase by 0.3 percent in February.The USDX drifted below 100Dema in intraday but managed to close above that at the end of the day. In case, the price closes below 94.60, bears can challenge 93.80 and 93.20. On the higher side, 96.17 acting as a strong ceiling. The index was capped at 100.00 mark for the near term. Today at the Asian session, the index is trading in green. Intraday resistance seems to be at 95.00 and 95.45. For buyers, small trade is available. Buying could be above 95.10 with a target at 95.45. In case, the index breaches the 95.50 mark, it can extend towards 95.70 and 96.00 in intraday.USD/JPY Technical view: Again, the pair tested support and changed the direction towards the multi-resistance level of 120.10. After the BoJ monetary policy and US jobs data, the pair moved towards 119.90. We still recommend buying with sl 118.20 100Dsma for the couple of weeks. At yesterday's session, we recommended selling below 118.50, but the pair made a low at 118.50 and changed the direction. The pair managed to close above 20Dsma and 100Sma, but the bearish crossover is still active. The pair has the nearest parallel resistance at 120.10. Another big spikes are available above 120.10 towards 120.85 the trend change level. If the pair closes above 120.85, bulls can bet at a new high at 122.50. Today, the pair opened on a bullish note. We advise the positional traders to move their trailing sl towards 119.20 from 118.20. Fresh traders can buy above 120.10 for an immediate target 120.50 and 120.80. On the downside, the pair made a double bottom between 118.30 and 118.54. The 100Dema is found at 118.28. The trading pattern has shifted between 120.10 and 118.30. Intraday support is found at 119.37 below this mild support is found at 119.20.

Trade: Fresh buying above 120.10, positional traders move TSL at 119.20

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Uitgevoerd door, Analytische expert
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