Daily chart: The USDJPY has dropped to support at the 98.25 level, having found strong resistance at 100.94 level. If this pair does break the support at the level of 98.25, it’s expected to drop to the level of 96.38. On the other hand, if the USDJPY does make a bullish rebound in this support, it is expected to rise again to the resistance at the 99.81 level. The trend is not very clear on this pair, although it appears that the USD/JPY starts one bearish trend, but this is not confirmed at all. The MACD indicator is in extreme overbought, which could support our bearish outlook for this pair.
H4 chart: This pair is finding support at the 200 day moving average and the 99.05 support level. If the USDJPY manages to consolidate above these levels, it’s expected to rise to the level of 99.93. On the other hand, if the pair manages to break the support at the level of 99.05, it’s expected to drop to the level of 97.00. The MACD indicator is in negative territory and still shows no signs of extreme oversold in this pair, so the bearish trend is very strong in this chart.
H1 chart: The USD/JPY has made a sharp bullish rebound in the 98.38 support level and then the pair made a strong bearish rebound in the 99.42 resistance level, due to the fundamental news that have affected the USD/JPY in the beginning of the session today. If the USD/JPY manages to break the support level at 98.38, it’s expected to drop to the level of 97.64. On the other hand, if the USDJPY manages to break the resistance 99.42 level, it is likely to rise to the level of 99.83. The MACD indicator is negative and in extreme oversold territory.
Fundamental outlook:
For today’s session the Unemployment Claims report (Previous: 343K / Forecast: 342K) at 12:30 GMT in the United States is due.
Trading recommendations for today:
Based on the H1 chart, place sell (short) orders only if the USD/JPY pair breaks with a bearish candlestick, the support level is at 98.38, take profit is at 97.64, and stop loss is at 99.12.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDJPY has dropped to support at the 98.25 level, having found strong resistance at 100.94 level. If this pair does break the support at the level of 98.25, it’s expected to drop to the level of 96.38. On the other hand, if the USDJPY does make a bullish rebound in this support, it is expected to rise again to the resistance at the 99.81 level. The trend is not very clear on this pair, although it appears that the USD/JPY starts one bearish trend, but this is not confirmed at all. The MACD indicator is in extreme overbought, which could support our bearish outlook for this pair.
H4 chart: This pair is finding support at the 200 day moving average and the 99.05 support level. If the USDJPY manages to consolidate above these levels, it’s expected to rise to the level of 99.93. On the other hand, if the pair manages to break the support at the level of 99.05, it’s expected to drop to the level of 97.00. The MACD indicator is in negative territory and still shows no signs of extreme oversold in this pair, so the bearish trend is very strong in this chart.
H1 chart: The USD/JPY has made a sharp bullish rebound in the 98.38 support level and then the pair made a strong bearish rebound in the 99.42 resistance level, due to the fundamental news that have affected the USD/JPY in the beginning of the session today. If the USD/JPY manages to break the support level at 98.38, it’s expected to drop to the level of 97.64. On the other hand, if the USDJPY manages to break the resistance 99.42 level, it is likely to rise to the level of 99.83. The MACD indicator is negative and in extreme oversold territory.
Fundamental outlook:
For today’s session the Unemployment Claims report (Previous: 343K / Forecast: 342K) at 12:30 GMT in the United States is due.
Trading recommendations for today:
Based on the H1 chart, place sell (short) orders only if the USD/JPY pair breaks with a bearish candlestick, the support level is at 98.38, take profit is at 97.64, and stop loss is at 99.12.
The material has been provided by InstaForex Company – www.instaforex.com
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