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Daily USD JPY Technical Analysis 21st November, 2016

USD JPY Technical Analysis

USD JPY Technical Analysis 21st November, 2016

Technical Analysis Overview

Prev. Close      110.83
Open               110.94
Day’s Range   110.65 – 111.19
52 wk Range   99.08 – 123.69
1-Year Return  – 9.76%

 

Technical Support and Resistance

Daily USD JPY Technical analysis shows USD JPY pair may find the immediate support at 110.92. If, market breaks the first support then it will go for the following support to test. Following supports are 110.90 and 110.88. On the other side the market has immediate resistance 110.96. If, market breaks the primary resistance level then, market will go for the new resistance level 110.98 and 111.00.

Expected trading range for today is between 109.98 supports and 110.69 resistance.

USD JPY posted strong gains last week, as the pair climbed 230 points. USD JPY closed at 110.83, close to 14-week highs. This week’s key event is Tokyo Core CPI.

This minor reading edged lower to 0.2% in September, matching the forecast. The downward trend is expected to continue in October, with an estimate of 0.1%. The US dollar continues to post broad gains following the Trump election shocker. US inflation numbers were mixed, while unemployment claims dropped to a 43-year low. Japanese Preliminary GDP gained 0.5%, beating expectations.

Along with technical analysis following economic event are very important to analyze the financial market properly.

 

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