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  • USD/JPY Forecast – US Dollar Facing Key Resistances Vs Japanese Yen

    USD/JPY Forecast – US Dollar Facing Key Resistances Vs Japanese Yen

    • – The US Dollar tested the 111.10-15 support zone and recovered against the Japanese Yen.
    • – There is a major bearish trend line formed with resistance near 111.55 on the hourly chart of the USD/JPY pair.
    • – Recently in Japan, the Overall Household Spending for June 2018 was released by the Ministry of Internal Affairs and Communications.
    • – The outcome was above the market forecast of -1.6% as there was a 1.2% decline (YoY) in the spending.

     

    Japan’s Overall Household Spending

    Recently in Japan, the Overall Household Spending for June 2018 was released by the Ministry of Internal Affairs and Communications. The market was positioned for a decline of around 1.6% in the spending compared with the same month a year ago.

     

    The actual result was above the market forecast of -1.6% as there was a 1.2% decline (YoY) in the spending. This was also better than the last decline of 3.9%. Moreover, the labor cash earnings in June 2018 increased 3.6% (YoY), more than the market forecast of 1.7%.

     

    The USD/JPY pair is currently recovering, but it is facing a tough hurdle near the 111.40 and 111.55 levels.

     

    USD/JPY Technical Analysis

    The US Dollar declined recently and broke the 111.80 support level against the Japanese Yen. The USD/JPY pair even broke the 111.50 support and traded as towards the 111.10-15 support zone where buyers appeared.

     

    USD/JPY Technical Analysis US Dollar Japanese Yen

     

    The pair started an upside move and traded above the 23.6% Fib retracement level of the last decline from the 111.87 high to 110.11 low. However, the upside move was capped by the 111.50 level and the 50% Fib retracement level of the same decline.

     

    It seems like there is a contracting triangle forming with resistance near 111.35 on the hourly chart. Above this, the 100 hourly simple moving average is positioned near the 111.55 level. Moreover, there is a major bearish trend line formed with resistance near 111.55 on the hourly chart of the USD/JPY pair.

     

    Therefore, if the pair moves further higher, it is likely to face a strong resistance near 111.50-55. Above this, the pair may well rise towards the 112.00 level. On the flip side, if there is a downside move, the pair could revisit the 111.10 support area.

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  • USD/JPY Forecast – US Dollar Could Break Higher Vs Japanese Yen

    USD/JPY Forecast – US Dollar Could Break Higher Vs Japanese Yen

    • – The US Dollar is placed nicely in a positive bias above the 110.72 support against the Japanese Yen.
    • – There is a key bearish trend line formed with resistance near 111.15 on the hourly chart of the USD/JPY pair.
    • – Recently in Japan, the Retail Trade report for June 2018 was released by the Ministry of Economy, Trade and Industry.
    • – The outcome was above the market forecast of +0.1% as there was a 1.5% (MoM) rise in the Retail Trade.

     

    Japan’s Retail Trade

    Recently in Japan, the Retail Trade report for June 2018 was released by the Ministry of Economy, Trade and Industry. The market was positioned for a rise of around 0.1% in the Retail Trade compared with the previous month.

     

    The actual result was above the market forecast of +0.1% as there was a 1.5% (MoM) rise in the Retail Trade. Looking at the yearly change, there was a rise of 1.8%, which was more than the forecast of +1.6% and also more than the last +0.6%.

     

    The USD/JPY pair is currently well supported on the downside, and it seems like the pair may perhaps make an attempt to break above 111.15 and 111.30.

     

    USD/JPY Technical Analysis

    The US Dollar dipped towards the 110.60 level this past week against the Japanese Yen. The USD/JPY pair formed a support base and climbed above the 110.72 and 110.90 resistance levels to move into a positive zone.

     

    USD/JPY Technical Analysis US Dollar Japanese Yen

     

    However, the upside move was capped by the 111.15 and 111.20 resistance levels. Moreover, there is a key bearish trend line formed with resistance near 111.15 on the hourly chart of the USD/JPY pair. The pair recently climbed above the 50% Fib retracement level of the last decline from the 111.25 high to 110.79 low.

     

    Therefore, there are high chances of it gaining momentum above the trend line, 111.20, and the 100 hourly simple moving average. Above this, the pair could trade towards 111.35 and the 1.236 Fib extension level of the last decline from the 111.25 high to 110.79 low.

     

    Overall, USD/JPY remains well supported on the downside near the 110.70 level and it could move higher above the 111.15-20 levels in the near term.

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  • EUR/JPY Forecast – Euro Facing Crucial Resistance Vs Japanese Yen

    EUR/JPY Forecast – Euro Facing Crucial Resistance Vs Japanese Yen

    • – The Euro declined recently and broke the 130.60 support area against the Japanese Yen.
    • – There is a crucial bearish trend line in place with resistance at 130.55 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Nikkei Manufacturing PMI for July 2018 (Prelim) was released.
    • – The outcome was below the market forecast of 53.2 as there was a decline in the PMI to 51.6 from 53.0.

     

    Japan’s Nikkei Manufacturing PMI

    Today in Japan, the Nikkei Manufacturing PMI for July 2018 (Prelim) was released. The market was looking for a rise in the PMI from the last reading of 53.0 to 53.2.

     

    However, the actual result was below the market forecast of 53.2 as there was a decline in the PMI to 51.6 from 53.0. There was a notable decline in the Business confidence. The report added that:

     

    Japan Flash Manufacturing PMI falls to 20-month low of 51.6 in July, from 53.0 in June. Input and output price inflation both accelerate to multi-year highs.

     

    The EUR/JPY pair is currently consolidating near the 130.00 level and upsides remain capped by the 130.50 and 130.60 resistance levels.

     

    EUR/JPY Technical Analysis

    The Euro faced a strong resistance near the 131.90 level against the Japanese Yen. The EUR/JPY pair started a downside move, broke the 131.00 and 130.60 support levels, and settled below the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair even broke the 130.00 handle and traded as low as 129.82. Later, the pair corrected higher and tested the 50% Fib retracement level of the last decline from the 131.04 high to 129.82 low. However, the recovery was capped and the pair dipped back towards 130.00.

     

    On the upside, there is a crucial bearish trend line in place with resistance at 130.55 on the hourly chart of EUR/JPY. The same trend line is near the 61.8% Fib retracement level of the last decline from the 131.04 high to 129.82 low.

     

    Therefore, if the pair corrects higher, it is likely to find sellers near the 130.55 and 130.60 levels. On the downside, a break below 130.00 and 129.85 could push the pair further lower towards the 129.50 and 129.20 support levels.

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  • USD/JPY Forecast – US Dollar Testing Key Support Vs Japanese Yen

    USD/JPY Forecast – US Dollar Testing Key Support Vs Japanese Yen

    • – The US Dollar is in a major uptrend and it recently traded above 113.00 against the Japanese Yen.
    • – There is a short-term bearish trend line formed with resistance near 112.75 on the hourly chart of the USD/JPY pair.
    • – Recently in Japan, the Merchandise Trade Balance Total for June 2018 was released by the Ministry of Finance.
    • – The outcome was above the market forecast of ¥534.2B as there was a trade surplus of ¥721.4B.

     

    Japan’s Merchandise Trade Balance Total

    Recently in Japan, the Merchandise Trade Balance Total for June 2018 was released by the Ministry of Finance. The market was positioned for a trade surplus of ¥534.2B compared with the last reading of ¥578.3B.

     

    The actual result was above the market forecast of ¥534.2B as there was a trade surplus of ¥721.4B. The last reading was also revised up from ¥578.3B to ¥580.5B. Imports of goods and services in June 2018 increased 2.5% (YoY), less than the forecast of 5.3%. Exports of goods and services in June 2018 increased 6.7% (YoY), less than the forecast of 7.0%.

     

    The USD/JPY pair is currently correcting lower is trading near a major support area at 112.65 and the 100 hourly simple moving average.

     

    USD/JPY Technical Analysis

    The US Dollar climbed higher recently and broke the 112.80 and 113.00 resistances against the Japanese Yen. The USD/JPY pair traded as high as 113.13 before sellers appeared. The pair started a downside correction and moved below the 112.80 support area.

     

    USD/JPY Technical Analysis US Dollar Japanese Yen

     

    During the decline, the pair broke the 23.6% Fib retracement level of the last wave from the 112.21 low to 113.13 high. However, the pair reached as crucial support area near 112.65 and the 100 hourly SMA.

     

    Moreover, the 50% Fib retracement level of the last wave from the 112.21 low to 113.13 high is acting as a support near the 112.67 level. Below this, the next key support is near the 112.55 level, which was a resistance earlier.

     

    On the upside, there is a short-term bearish trend line formed with resistance near 112.75 on the hourly chart of the USD/JPY pair. A break above this could open the doors for a fresh upward move towards the 113.00 level in the near term.

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  • USD/JPY Forecast – US Dollar Gaining Momentum Vs Japanese Yen

    USD/JPY Forecast – US Dollar Gaining Momentum Vs Japanese Yen

    • – The US Dollar is placed in a bullish trend above the 110.80 support area against the Japanese Yen.
    • – There is a key bullish trend line formed with support at 110.85 on the hourly chart of the USD/JPY pair.
    • – Recently in Japan, the Machinery New Orders figure for May 2018 was released by the Cabinet Office.
    • – The outcome was above the market forecast of +8.6% as there was a rise in orders by 16.5% (YoY).

     

    Japan’s Machinery New Orders

    Recently in Japan, the Machinery New Orders figure for May 2018 was released by the Cabinet Office. The market was positioned for a rise of around 8.6% in orders in May 2018 compared with the last same month a year ago.

     

    The actual result was above the market forecast of +8.6% as there was a rise in orders by 16.5%. Looking at the monthly change, there was a decline of 3.7% in orders, which was less than the forecast of -5.5%. However, it was well below the last reading of +10.1%.

     

    The USD/JPY pair is moving higher and it seems like the pair may perhaps continue to move higher above the 111.20 level in the near term.

     

    USD/JPY Technical Analysis

    The US Dollar started a nice upside move from the 110.40 swing low against the Japanese Yen. The USD/JPY pair jumped above the 110.80 and 111.00 resistance levels to move into a bullish zone above the 100 hourly simple moving average.

     

    USD/JPY Technical Analysis US Dollar Japanese Yen

     

    The pair traded as high as 111.35 before starting a downside correction. It declined and tested the 110.80 support area where buyers appeared. It again started moving higher and broke the 50% Fib retracement level of the last decline from the 111.35 high to 110.76 low.

     

    The pair is placed nicely in a bullish zone and it seems like it could move above the 111.20 level soon to retest the 111.35 high. Above this, the pair will most likely test 111.50. An initial resistance sits around the 76.4% Fib retracement level of the last decline from the 111.35 high to 110.76 low at 111.21.

     

    On the downside, the pair remains supported near the 111.00 level and a key bullish trend line with support at 110.85 on the hourly chart.

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  • EUR/JPY Forecast – Euro Could Surged Above 130.00 Vs Japanese Yen

    EUR/JPY Forecast – Euro Could Surged Above 130.00 Vs Japanese Yen

    • – The Euro is trading with a bullish bias and is placed nicely above the 129.50 support against the Japanese Yen.
    • – There is a crucial bullish pattern formed with support at 129.75 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Current Account report for May 2018 was released by the Ministry of Finance.
    • – The outcome was above the market forecast of ¥1,240B as there was a trade surplus of ¥1,938B.

     

    Japan’s Current Account

    Today in Japan, the Current Account report for May 2018 was released by the Ministry of Finance. The market was looking for a trade surplus of around ¥1,240B in May 2018 compared with the last reading of ¥1,845B.

     

    However, the actual result was above the market forecast of ¥1,240B as there was a trade surplus of ¥1,938B. It was also above the last reading of ¥1,845B. Moreover, the Bank lending figure for June 2018 (YoY) was, released by Bank of Japan. It posted an increase of 2.2%, more than the last 2.0%.

     

    The EUR/JPY pair is currently positioned in the bullish zone and it seems like it may continue to move higher above 130.00 and 130.15 in the near term.

     

    EUR/JPY Technical Analysis

    The Euro formed a decent support base above the 128.50 level against the Japanese Yen. The EUR/JPY pair started an upside move, traded above the 129.00 and 129.50 resistance levels, and settled above the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair is currently trading above the 76.4% Fib retracement level of the last decline from the 129.96 high to 129.60 low. It indicates that the pair may perhaps continue to move higher above the 129.96 high in the near term.

     

    The next stop could be the 1.236 Fib extension level of the last decline from the 129.96 high to 129.60 low at 130.04. Above this, the pair could even trade towards the 130.20 level and the 1.618 Fib extension level of the same decline.

     

    Moreover, there is a crucial bullish pattern formed with support at 129.75 on the hourly chart of EUR/JPY. Therefore, dips remain well supported above the 129.75 and 129.60 levels in the near term.

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  • USD/JPY Forecast – US Dollar In Major Uptrend Vs Japanese Yen

    USD/JPY Forecast – US Dollar In Major Uptrend Vs Japanese Yen

    • – The US Dollar is positioned nicely above the 110.60 support against the Japanese Yen.
    • – There is a major bullish trend line in place with support at 110.75 on the hourly chart of the USD/JPY pair.
    • – Recently in Japan, the Tankan Large All Industry Capital Expenditure for Q2 2018 was released by the Bank of Japan.
    • – The outcome was above the market forecast of +9.3% as there was a rise in the Tankan Large All Industry Capital Expenditure by 13.6%.

     

    Japan’s Tankan Large All Industry Capital Expenditure

    Recently in Japan, the Tankan Large All Industry Capital Expenditure for Q2 2018 was released by the Bank of Japan. The market was positioned for a rise of around 9.3% in the index in Q2 2018 compared with the last reading of 2.3%.

     

    The actual result was above the market forecast of +9.3% as there was a rise in the Tankan Large All Industry Capital Expenditure by 13.6%. Looking at the Tankan Non-Manufacturing Index, there was a rise from the last reading of 23 to 24 in Q2 2018.

     

    The USD/JPY pair made a nice upside move above the 110.50 pivot level and is currently placed in an uptrend above the 110.60 level.

     

    USD/JPY Technical Analysis

    The US Dollar formed a decent support base around the 110.20 level against the Japanese Yen. The USD/JPY pair started an upside move and traded above the 110.50 and 110.60 resistance levels to move into a bullish zone.

     

    USD/JPY Technical Analysis US Dollar Japanese Yen

     

    The pair settled above the 100 hourly simple moving average and formed a high at 111.05. At the moment, the pair is correcting lower and is trading around the 23.6% Fib retracement level of the last wave from the 110.66 low to 111.05 high.

     

    On the downside, there are many supports around the 110.70 level. There is also a major bullish trend line in place with support at 110.75 on the hourly chart of the USD/JPY pair. The same trend line is close to the 50% Fib retracement level of the last wave from the 110.66 low to 111.05 high.

     

    Overall, the pair remains well supported above the 110.70 level and it could continue to move higher towards 111.20 level in the near term.

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  • EUR/JPY Forecast – Can Euro Hold This Support Vs Japanese Yen?

    EUR/JPY Forecast – Can Euro Hold This Support Vs Japanese Yen?

    • – The Euro failed to move above the 128.50 resistance and declined against the Japanese Yen.
    • – There is a major bearish trend line formed with resistance at 128.00 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Retail Trade report for May 2018 was released by the Ministry of Economy, Trade and Industry.
    • – The outcome was below the market forecast of +0.9% as there was a rise in the trade by 0.6% (YoY).

     

    Japan’s Retail Trade

    Today in Japan, the Retail Trade report for May 2018 was released by the Ministry of Economy, Trade and Industry. The market was looking for a rise of around 0.9% in the trade in May 2018, compared with the same month a year ago.

     

    However, the actual result was below the market forecast of +0.9% as there was a rise in the trade by 0.6%. Looking at the monthly change, there was a decline of 1.7%, which was a lot more than the last market forecast of -0.9%. It disappointing when compared to the last increase of 1.4%.

     

    The EUR/JPY pair is currently holding the 127.15 support, but it remains at a risk of a downside break as long as it is below 128.00.

     

    EUR/JPY Technical Analysis

    The Euro declined moved above the 128.50 resistance recently against the Japanese Yen, but it failed to hold gains. The EUR/JPY pair started a fresh downside wave and broke the 128.00, 127.50 support levels to settle below the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair traded tested an important support area above 127.00 near 127.15. Buyers managed to protect more declines and the pair is currently recovering towards the 23.6% Fib retracement level of the last decline from the 128.83 high to 127.13 low.

     

    However, there are many resistances above the 127.50 level. There is also a major bearish trend line formed with resistance at 128.00 on the hourly chart of EUR/JPY. The same trend line at 128.00 is close to the 100 hourly simple moving average.

     

    Moreover, the 50% Fib retracement level of the last decline from the 128.83 high to 127.13 low is near 127.95 to protect gains. Therefore, if the pair fails to move above 127.80 and 128.00, it could decline further below 127.15 in the near term.

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  • GBP/JPY Forecast – British Pound Could Decline Vs Japanese Yen

    GBP/JPY Forecast – British Pound Could Decline Vs Japanese Yen

    • – The British Pound struggled to break the $146.20 resistance and declined against the Japanese Yen.
    • – There is a major contracting triangle forming with support at 144.90 on the hourly chart of GBP/JPY.
    • – Today in Japan, the Corporate Service Price Index (CSPI) for May 2018 was released by the Bank of Japan.
    • – The outcome was around the market forecast as the CSPI index increased 1% in May 2018 (YoY).

    Japan’s Corporate Service Price Index (CSPI)

    Today in Japan, the Corporate Service Price Index (CSPI) for May 2018 was released by the Bank of Japan. The market was positioned for a rise of around 1% in the CSPI compared with the same month a year ago.

     

    However, the actual result was around the market forecast as the CSPI index increased 1% in May 2018 (YoY), which was above the last reading of 0.9%. Looking at the Services Producer Price Index (All items <excluding International transportation>), there was an increase of 1.0% from the previous year.

     

    The GBP/JPY pair is currently trading below the 145.80 resistance and it is at a risk of a downside break in the near term.

     

    GBP/JPY Technical Analysis

    The British Pound formed a low at 144.69 and started an upside move against the Japanese Yen. The GBP/JPY pair traded above the 145.00 and 145.20 resistance levels to settle above the 100 hourly simple moving average.

     

    GBP/JPY Technical Analysis British Pound Japanese Yen

     

    The pair also broke the 50% Fib retracement level of the last decline from the 146.64 high to 144.69 low. However, the upside move was capped by the 146.00-146.20 resistance zone. Moreover, the 76.4% Fib retracement level of the last decline from the 146.64 high to 144.69 low acted as a resistance.

     

    The pair dropped back and moved below the 145.80 level and the 100 hourly SMA. At the moment, a connecting bullish trend line with support at 145.30 is holding losses. More importantly, there is a major contracting triangle forming with support at 144.90 on the hourly chart of GBP/JPY.

     

    Overall, it seems like the pair may decline below 145.30-20 in the near term and it could even test the triangle support at 144.90 before recovering in the near term.

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  • USD/JPY Forecast – US Dollar Could Extend Declines Vs Japanese Yen

    USD/JPY Forecast – US Dollar Could Extend Declines Vs Japanese Yen

    • – The US Dollar failed to move above the 110.90 level and declined against the Japanese Yen.
    • – There was a break below a short-term contracting triangle with support at 110.50 on the hourly chart of the USD/JPY pair.
    • – Recently in Japan, the Merchandise Trade Balance Total figure for May 2018 was released by the Ministry of Finance.
    • – The outcome was below the market forecast of ¥-235.0B as there was a trade deficit of ¥-578.3B.

     

    Japan’s Merchandise Trade Balance

    Recently in Japan, the Merchandise Trade Balance Total figure for May 2018 was released by the Ministry of Finance. The market was positioned for a trade deficit of ¥-235.0B in May 2018, compared with the last surplus of ¥626.0B.

     

    The actual result was below the market forecast of ¥-235.0B as there was a trade deficit of ¥-578.3B. Imports of goods and services in May 2018 increased 14.0% compared with the forecast of +8.2%. Moreover, the Exports of goods and services in May 2018 increased 8.1% compared with the forecast of +7.5%.

     

    The USD/JPY pair is currently trading near the 110.50 level and it seems like there is a risk of a downside move in the near term.

     

    USD/JPY Technical Analysis

    The US Dollar traded towards the 111.00 level recently against the Japanese Yen. The USD/JPY pair almost tested the 110.00 level and formed a high near 110.90. Later, there was a downside reaction and the pair declined below the 110.80 and 110.60 levels.

     

    USD/JPY Technical Analysis US Dollar Japanese Yen

     

    During the decline, there was a break below the 50% Fib retracement level of the last wave from the 109.91 low to 110.90 high. There was even a break below the 110.50 pivot level. However, the decline was protected by the 110.30 level.

     

    Moreover, the 61.8% Fib retracement level of the last wave from the 109.91 low to 110.90 high also acted as a support. The pair is currently recovering, but it seems like upsides might be capped by the 110.60 and 110.70 resistance levels.

     

    If there is a failure to move past 110.70, there could be a downside reaction. Supports on the downside are around 110.30 and 110.10, followed by 110.00.

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