Yen

Weekly Technical Outlook: USD/JPY ; Market Forecasts for December 11th – December 15th

  • Resistance level 113.88, 114.20, 114.39
  • Pivot Level 113.56
  • Support Level 113.04

usdjpy

usdjpy2

Technical Analysis

The USD/JPY pair closed weekend is trading above the 113.04 levels which gets a good support base. This reinforces the expectations of continuing the bullish bias from the side way movement which is in place for quite some time now. This provides signals for the price recovery in the upcoming days. The pair is supported by stochastic positivity that appears clearly over brought on the daily time frame.  The pair rising above the 82.0 levels remains bullish for the moment and the pair is trading on rebound after testing barriers. This makes the trading to settle now at the support area with an upward move. Some consolidations would be seen with bullish momentum with two bar reversal. A further rise is expected from current levels on the new found support area and beginning of the new trend. The pair’s first main target is located at the 113.88 level. This points out that the pair breaking at the 113.88 level besides holding above it will push the price to resume its bullish momentum. The pair’s next target located at the 114.20 level.

Economic

  • JOLTS Job Openings, Monthly Budget Statement, Consumer Price Index
  • Consumer Price Index Ex Food & Energy, FOMC Economic Projections, Fed Interest Rate Decision
  • Initial Jobless Claims, Retail Sales, Industrial Production
  • Tertiary Industry Index, Foreign investment in Japan stocks, Foreign bond investment
  • Tankan Large Manufacturing Outlook, Tankan Large All Industry Capex

Area of Interest

  • Strong support at 113.04 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 82.0 levels indicating shift in momentum.
  • At Flip Area on Daily time frame support levels.

For more detailed analysis from the author, please visit NoaFX.