USD/JPY Forecast | Daily Technical Analysis for January 5, 2017
USD/JPY Technical Overview
Yesterday Close 117.25
Today Open 117.25
Day’s Range 116.29 – 117.43
52 wk Range 99.08 – 121.7
1-Year Return – 2.25%
USD/JPY Support and Resistance Forecast
usd/jpy forecast: usd jpy pair possibly will find the immediate support at 117.04. If, market breaks the first support then it will go for the following support to test. Following supports are 116.77 and 116.32.
On the other side the market has immediate resistance at 117.94. If, market breaks the primary resistance level then, market will go for the new resistance level 118.21 and 118.66.
Possible trading range for today 117.55 – 118.19
USD JPY Fundamental Forecast
The US dollar fell slightly against the Japanese yen during the day on Wednesday, but we are still very much in an uptrend and have only recently been consolidating. Looking at the chart, I recognize the 115 level as being supportive, and with that being the case I am willing to buy pullbacks. I believe that a supportive candle just above the 115 level is optimal as far as buying is concerned, but I also recognize we may not get all the way down there. I certainly have no interest in selling, and believe that supportive candles are going to continue to be buying opportunities, as the USD/JPY pair will try to get to the 120 handle.
USD/JPY Important Economic News : (GMT +2)
3:15pm USD ADP Non-Farm Employment Change
3:30pm USD Unemployment Claims
4:45pm USD Final Services PMI
5:00pm USD ISM Non-Manufacturing PMI
5:30pm USD Natural Gas Storage