USD/JPY Weekly Technical Analysis
The USD/JPY pair closed weekend trading above 111.73 levels and gets a good support base that reinforces the expectations of continuing the bullish bias from the side ways movement. This is in place for quite some time now and we can expect the same this time as well.
Providing signals for the price recovery in the upcoming days is supported by stochastic positivity that appears clearly on the daily time frame and it rises above 57.0 levels.
The pair remains bullish for the moment with pair trading on rebound and that makes the trading settle at the support area. Some consolidations would be seen with a bullish momentum and further rise is expected from current levels on the new found support area.
With the beginning of the new trend and the first main target located at 117.024 levels, breaking 117.961 levels besides holding above it will push the price to resume being bullish for its next target located at 118.692 levels.
- Factory Orders, FOMC Member Kashkari Speech, Trade Balance
- Consumer Credit Change, ADP Employment Change
- Initial Jobless Claims, Unemployment Rate, Nonfarm Payrolls
- Current Account, Eco Watchers Survey, Coincident Index, Leading Economic Index
- Foreign investment in Japan stocks
Area of Interest
- Strong support at 111.73 areas and closed above rebound of trend line.
- Bullish momentum with two bar reversal above the support area.
- Price action closed above rebound of trend line and oscillator rising above 57.0 levels indicating shift in momentum.
- At Flip Area on Daily time frame support levels.