jpy

Weekly Technical Outlook: USD/JPY ; Market Forecasts for December 4th – December 8th

  • Resistance level 113.350, 114.258, 114.820
  • Pivot Level 112.441
  • Support Level 110.971

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Technical Analysis

The USD/JPY pair closed weekend is trading above the 110.971 levels which gets a good support base and later bounced of this levels nicely. The pair continues to indicate further rise which reinforces the expectations of continuing the bullish bias from the side way movement. The pair is in place for quite some time now as seen on the chart price as respected this level. We can expect the same this time as well providing signals for the price recovery in the upcoming days. The pair is supported by stochastic positivity that appears clearly moving upward on the daily time frame. The pair rising above the 45.0 levels remains bullish for the moment with pair trading on rebound after testing barriers.  This makes the trading settle now at the support area and made some upward move.  Some consolidations would be seen with bullish momentum with two bar reversal and a further rise is expected from current levels on the new found support area. The beginning of the new trend and the first main target located at the 113.350 level. This points that the pair breaking at the 113.350 level besides holding above it will push the price to resume its with bullish that its next target located at the 114.258 level.

Economic

  • Trade Balance, ISM Non-Manufacturing PMI, ADP Employment Change
  • Continuing Jobless Claims, US Government Shutdown Limit, Unemployment Rate
  • Nonfarm Payrolls, Michigan Consumer Sentiment Index
  • Foreign bond investment, Coincident Index, Leading Economic Index
  • Current Account, Eco Watchers Survey

Area of Interest

  • Strong support at 110.971 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 45.0 levels indicating shift in momentum.
  • At Flip Area on Daily time frame support levels.

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