USDJPY Forecast | Daily Technical Analysis for January 4, 2017

USDJPY Technical Overview

Yesterday Close          117.75

Today Open                117.75

Day’s Range   117.55 – 118.19

52 wk Range   99.08 – 121.70

1-Year Return – 1.25%

USDJPY Technical Support and Resistance

usdjpy forecast: usdjpy pair possibly will find the immediate support at 117.31. If, market breaks the first support then it will go for the following support to test. Following supports are 116.97 and 116.43.

On the other side the market has immediate resistance at 118.39. If, market breaks the primary resistance level then, market will go for the new resistance level 118.73 and 119.27.

Possible trading range for today 117.55 – 118.19

USDJPY Fundamental Forecast

The USDJPY pair initially broke out during the day on Tuesday but found enough resistance above the turn around and suddenly form a semi exhaustive looking candle. I still believe longer-term we go much higher, so I look at these pullbacks is value. I recognize the 115 level below as support, and essentially the “floor” in this market. I still have a target of 120, and believe that we will reach that level sooner rather than later. We have the nonfarm payroll numbers coming, and they tend to have a significant effect on this pair so it could cause it to be somewhat quiet.

USDJPY Important Economic News: (GMT +2)

1. 5:30pm USD       Crude Oil Inventories
2. All Day  USD       Total Vehicle Sales
3. 9:00pm USD       FOMC Meeting Minutes