USD JPY Daily Technical Analysis for January 10, 2017
USD JPY Technical Overview
Yesterday Close 116.00
Today Open 116.00
Day’s Range 115.20 – 116.21
52 wk Range 99.08 – 121.70
1-Year Return – 1.21%
USD JPY Technical Support and Resistance
USD JPY forecast: usd jpy pair possibly will find the immediate support at 115.91. If, market breaks the first support then it will go for the following support to test. Following supports are 115.54 and 114.94.
On the other side the market has immediate resistance at 117.11. If, market breaks the primary resistance level then, market will go for the new resistance level 117.48 and 118.08.
Possible trading range for today 115.20 – 116.21
USD JPY Fundamental Forecast
The U.S. Dollar weakened against the Japanese Yen on Monday as investors shed risky assets for the lower-yielding Yen. Lower crude oil helped drive down Treasury yields, weakening the dollar. Falling oil prices also dragged down stocks, sending investors back into the Yen because of the carry trade.
The USD JPY finished the session at 116.065, down 0.875 or -0.75%.
Yesterday’s price action was all about “risk off” since Japan was on a bank holiday and there was nothing major coming out of the U.S. The Labor Market Conditions Index came in at -0.3, lower than the previous 2.1. Consumer Credit rose from 16.2 billion to 24.5 billion. This was well-above the 18.3 billion forecast.
The weakness in the USD/JPY on Monday came as no surprise to chart-watchers because the trend turned down on the daily chart last week. In fact, last week’s trade through 116.032 confirmed a double-top at 118.601 and 118.658.
If downside momentum becomes strong enough to take out last week’s low at 115.057 then we could be looking at the start of a steep decline with 112.828 the next target.
Later today, Japan will release data on Consumer Confidence. The report is expected to come in at 41.3, up from 40.9.
USD JPY Important Economic Forecast: (GMT +2)
- 7:00am JPY Consumer Confidence
- 1:00pm USD NFIB Small Business Index
- 5:00pm USD JOLTS Job Openings
- USD Final Wholesale Inventories m/m