USD/JPY Forecast | Daily Technical Analysis for January 12, 2017
USD JPY Technical Overview
Yesterday Close 115.38
Today Open 115.38
Day’s Range 114.38 – 115.51
52 wk Range 99.08 – 121.70
1-Year Return – 2.12%
USD/JPY Technical Support and Resistance
USD JPY forecast : usd/jpy pair possibly will find the immediate support at 114.50. If, market breaks the first support then it will go for the following support to test. Following supports are 113.87 and 112.87.
On the other side the market has immediate resistance at 116.50. If, market breaks the primary resistance level then, market will go for the new resistance level 117.13 and 118.13.
Possible trading range for today 114.38 – 115.51
USD JPY Fundamental Forecast
The USD/JPY pair rallied during the day on Wednesday, turning back around to form a shooting star. However, there is a significant amount of support underneath near the 115 level, so I believe that sooner rather than later the buyers will return and start pushing higher again. I recognize that there is a massive amount of support all the way down to the 111.50 level, so I have no interest in selling and I believe that the longer-term trend will continue going higher and that strengthening eventually. However, I recognize that patience will be needed.
USD/JPY Important Economic Forecast: (GMT +2)
- 3:30pm USD Unemployment Claims
- USD FOMC Member Evans Speaks
- USD FOMC Member Harker Speaks
- USD Import Prices m/m
- 5:30pm USD Natural Gas Storage
- 8:01pm USD 30-y Bond Auction
- 9:00pm USD Federal Budget Balance