LMFX PAMM


Forex broker List

  • USD/JPY Forecast – Can US Dollar Hold This Vs Japanese Yen?

    USD/JPY Forecast – Can US Dollar Hold This Vs Japanese Yen?

    • – The US Dollar recently traded above 112.10 against the Japanese Yen, but failed to hold gains.
    • – The USD/JPY pair is currently trading inside a major contracting triangle with support at 111.50 on the hourly chart.
    • – Today in Japan, the National Consumer Price Index for April 2017 released by the Statistics Bureau posted an increase of 0.4% (YoY).

     

    Japan’s National Consumer Price Index

    Today in Japan, the National Consumer Price Index for April 2017 was released by the Statistics Bureau. The market was positioned for an increase of 0.4% in the CPI in April 2017, compared with the same month a year ago.

     

    The actual result was as per the forecast, as the National Consumer Price Index increased 0.4%, which was more than the last +0.2%. On the other hand, the National CPI ex-Fresh Food increased 0.3%, which was less than the forecast of 0.4%. Moreover, the National CPI ex-Fresh Food and Energy posted no change, compared with the last -0.1% in April 2017.

     

    The Japanese Yen gained traction after the release, but the USD/JPY pair managed to hold the 111.50 support area.

     

    USD/JPY Technical Analysis

    The US Dollar moved nicely in an uptrend, and traded above the 112.00 resistance against the Japanese Yen. The USD/JPY pair traded as high as 112.12 where it faced resistance and started a downside move back below 112.00.

     

    USD/JPY Technical Analysis US Dollar Japanese Yen

     

    During the downside move, the pair broke the 23.6% Fib retracement level of the last wave from the 110.85 low to 112.12 high. However, the downside move was protected by the 111.50-40 support and the 100 hourly simple moving average.

     

    At the moment, the pair is trading inside a major contracting triangle with support at 111.50 on the hourly chart. The triangle support is also around the 50% Fib retracement level of the last wave from the 110.85 low to 112.12 high.

     

    Clearly, the 111.50-40 supports holds the key for the next move along with the 100 hourly simple moving average. As long as the pair is above 111.40, there is a chance of a bounce back towards 112.00 in the near term.

    Tags: , , ,

    Like what you've read?

    Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

    Previous Entry   Next Entry

  • USD/JPY Forecast – Dollar To Yen Bullish Trend Exhausted

    USD/JPY Forecast – Dollar To Yen Bullish Trend Exhausted

    • – The US Dollar after trading as high as 114.58 against the Japanese yen found resistance.
    • – The USD/JPY trend looks exhausted, as it broke a support trend line at 114.40 on the hourly chart.
    • – The Japanese Services Purchasing Managers Index (PMI) for Feb 2017 released by Markit Economics posted a decline from 51.9 to 51.3.

     

    Japanese Services PMI

    Earlier today in Japan, the Services Purchasing Managers Index (PMI) for Feb 2017 was released by Markit Economics. The market was expecting no major decline in the PMI from 51.9 in Feb 2017.

     

    The outcome was neutral, as there was a minor decline from the last PMI reading to 51.3 in Feb 2017. Commenting on the Services PMI, an economist at HIS Markit, Samuel Agass, stated “Japan’s service sector continued to grow during February, albeit at the weakest pace for four months. However, this did not stop firms from adding to their headcounts at the quickest extent since May 2013”. The Japanese CPI reading was also published today, which posted a good increase of 0.4% in Jan 2017 (YoY), more than the last +0.3%.

     

    The Japanese yen seems to be gaining ground after the release, and already moved higher by around 20 pips against the US Dollar.

     

    USD/JPY Technical Analysis

    The US Dollar was seen gaining pace this week, as it traded above 114.50 against the Japanese yen and traded as high as 114.58. The USD/JPY pair later started correcting lower, and moved below a support trend line at 114.40 on the hourly chart.

     

    USD/JPY Technical Analysis Dollar Yen

     

    It looks like the pair broke an ascending channel, and might be heading towards the 23.6% Fib retracement level of the last wave from the 111.68 low to 114.58 high. However, there is a major support on the downside at 113.60.

     

    The 113.60 support was a resistance earlier, and might act as a support going forward. It also coincides with the 38.2% Fib retracement level of the last wave from the 111.68 low to 114.58 high. Overall, it looks like the USD/JPY pair is under a correction mode, and might trade towards 113.60 where the USD bulls could appear again to protect losses.

    Tags: , , , ,

    Like what you've read?

    Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

    Previous Entry   Next Entry

  • USD/JPY – Dollar Facing Crucial Resistance at 116.85-90 Vs Yen

    USD/JPY – Dollar Facing Crucial Resistance at 116.85-90 Vs Yen

    • – The US Dollar after a decline towards the 116.04 level against the Japanese yen started correcting higher.
    • – The USD/JPY pair is currently moving higher, but facing a major resistance near 116.85-90.
    • – This week in Japan, the National Consumer Price Index released by the Statistics Bureau posted an increase of 0.5% in Nov 2016 (YoY).

     

    Japanese National Consumer Price Index

    This week in Japan, there were a few important economic releases. The most important one was the National Consumer Price Index by the Statistics Bureau. The market was not expecting any major increase above 0.2% in the retail prices of a representative shopping basket of goods and services in Nov 2016 (YoY).

     

    However, the result was better compared with the forecast, as there was a rise of 0.5%. However, when we have a look at the Tokyo Consumer Price Index, there was no chance in the index. The last reading was +0.5%. So, we can say that the result was mixed, but the Japanese yen gained traction during the past few days.

     

    There can be a correction phase initiated in Japanese yen, but the USD/JPY pair is currently facing sellers near 116.85-90. So, it would be interesting to see how the pair will trade in the short term.

     

    USD/JPY Technical Analysis

    The US dollar made a downside move recently against the Japanese yen to break the 117.00 support area. The USD/JPY pair during the downside also broke a bullish trend line at 117.70 on the hourly chart.

     

    USD/JPY Technical Analysis Dollar Yen

     

    The pair traded as low as 116.04 where it found buyers and started correcting higher. There was a move above the 23.6% Fib retracement level of the last drop from the 117.80 high to 116.04 low. However, the pair is facing a major resistance near 116.85-90.

     

    The stated level was a support earlier, and now acting as a resistance. The same level also coincides with the 50% Fib retracement level of the last drop from the 117.80 high to 116.04 low. There are already two rejections near the same area, and the pair may soon attempt a break above it. If the bulls succeed, there can be a move towards 117.20. Else, there can be a downside move back towards 116.45.

    Tags: , , , , ,

    Like what you've read?

    Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

    Previous Entry   Next Entry

Join Our Newsletter:

US & Canadian Traders Welcome Make the trade