USD/JPY has been following a bullish bias after bouncing off from 113.65. After climbing towards 115.30 and retracing back downwards, the pair is currently stalling between the support area of 114.65-75. Today, JPY was affected by a negative fundamental report on Core Machinery Orders which was forecasted to be 0.0% but came out at -3.2% and Tertiary Industry Activity which was expected to be at 0.2% but published at 0.0%. With tepid economic data, JPY weakened more than expected. On the US dollar front, no fundamentals are released in the US today. As a result, the pair had no pressure on the either side of the market. Any positive news on the USD side is expected to put pressure on the JPY again and help the USD to climb much higher towards 115.30 and 118.00 again.
Now let us look at at the pair from the technical viewpoint. After retracing towards the support area of 114.65-75 area, the price stopped showing any pressure on either side of the market. As of the market pressure, if the price breaks above the 114.75 area with a daily close, we can expect a bullish move again towards 115.30 resistance. Otherwise, if the price breaks below the 114.30 area with a daily close there, the bias will be changed to bearish and 113.65 will be a downward target for this pair.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
USD/JPY has been following a bullish bias after bouncing off from 113.65. After climbing towards 115.30 and retracing back downwards, the pair is currently stalling between the support area of 114.65-75. Today, JPY was affected by a negative fundamental report on Core Machinery Orders which was forecasted to be 0.0% but came out at -3.2% and Tertiary Industry Activity which was expected to be at 0.2% but published at 0.0%. With tepid economic data, JPY weakened more than expected. On the US dollar front, no fundamentals are released in the US today. As a result, the pair had no pressure on the either side of the market. Any positive news on the USD side is expected to put pressure on the JPY again and help the USD to climb much higher towards 115.30 and 118.00 again.
Now let us look at at the pair from the technical viewpoint. After retracing towards the support area of 114.65-75 area, the price stopped showing any pressure on either side of the market. As of the market pressure, if the price breaks above the 114.75 area with a daily close, we can expect a bullish move again towards 115.30 resistance. Otherwise, if the price breaks below the 114.30 area with a daily close there, the bias will be changed to bearish and 113.65 will be a downward target for this pair.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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