Technical analysis of USD/JPY for January 06, 2017
January 6, 2017 12:18 pmVideo
Latest News
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
- What’s next for markets amid Israel-Iran tensions? – Special Report April 16, 2024
USD/JPY is expected to continue the rebound. The pair is trading above its ascending 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is standing firmly above its neutrality level at 50 and lacks downward momentum.
Regarding economic data, Automatic Data Processing Inc (ADP) reported that 153,000 private jobs were added in December (vs. +175,000 expected, +215,000 in November). The U.S. Labor Department said initial jobless claims amounted to 235,000 in the week ended December 31 (vs. 260,000 expected). And the Institute for Supply Management (ISM) posted its Non-manufacturing Composite Index at 57.2 (vs. 56.8 expected).
The U.S. dollar remained under heavy selling pressure as investors got more cautious on the U.S. economic outlook. The currency’s slide was also attributed to funds’ liquidation of long positions on the greenback. The ICE U.S. Dollar Index lost another big-point number of 102.00 as it plunged 1.2% on day to 101.52, its lowest close since December 13.
As long as 115.15 is support, look for a further upside toward 116.75 and even 117.10 in extension.
Recommendation:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 116.75 and the second one, at 117.10. In the alternative scenario, short positions are recommended with the first target at 114.70 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 114.25. The pivot point is at 115.15.
Resistance levels: 116.75, 117.10, 117.75
Support levels: 114.70, 114.25, 114.00
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: