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USD/JPY Forecast | Daily Technical Analysis for January 3, 2017

usd/jpy

USD/JPY Forecast | Daily Technical Analysis for January 3, 2017

 

USD/JPY Technical Overview

Yesterday Close          117.51

Today Open                117.51

Day’s Range   117.22 – 118.22

52 wk Range   99.08 – 121.70

1-Year Return – 2.47%

 

USD/JPY Technical Support and Resistance

usd/jpy forecast: usd/jpy pair possibly will find the immediate support at 116.94. If, market breaks the first support then it will go for the following support to test. Following supports are 116.70 and 116.33.

On the other side the market has immediate resistance at 117.68. If, market breaks the primary resistance level then, market will go for the new resistance level 117.92 and 118.29.

Possible trading range for today 117.22 – 118.22

 

USD/JPY Fundamental Forecast

The US dollar rose against the Japanese yen initially, but pulled back towards the end of the day as liquidity wasn’t there. Ultimately, the market should continue to go higher and I believe that the target is the 120 handle. The 115 level below is massively supportive, and essentially a “floor” in this market. I have no interest whatsoever in selling this market, but I do recognize that it will be rather choppy on the way higher. The support runs all the way down to at least the 112 handle, so having said that I believe we are seeing a longer-term trend change.

 

Friday is the first U.S. Non-Farm Payrolls report for the year. The headline number is expected to show the economy added 175K jobs in December. The Unemployment Rate is expect to rise to 4.7%, up from 4.6%. Average Hourly Earnings are expected to rise to 0.3%, up from -0.1%.

 

Usd/jpy Important Economic News : (GMT +2)

  1. 4:45pm         USD       Final Manufacturing PMI
  2. 5:00pm         USD       ISM Manufacturing PMI
  3. USD               Construction Spending m/m
  4. USD               ISM Manufacturing Prices