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Weekly Technical Outlook: USD/JPY: Market Forecasts for September 19th – September 23rd

By:
Sylvester Stephen
Published: Sep 19, 2016, 07:51 UTC

Resistance level 103.344 Pivot Level 102.00 Support Level 100.746, 100.062, and 99.481 Technical Analysis Daily bias in USD/JPY remains bearish with

Weekly Technical Outlook: USD/JPY
  • Resistance level 103.344
  • Pivot Level 102.00
  • Support Level 100.746, 100.062, and 99.481

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Technical Analysis

Daily bias in USD/JPY remains bearish with 103.344 resistances intact and deeper decline is still expected for the pair as long as resistances holds the area.

The price action stays below resistances so far at end of the week and such decline is viewed as a correction.

Thus, we’d expect resistance to hold the area and the pair remains bearish with a break of 102.00 indicating a near term bearish reversal.

The outlook continues with a downside bias and price action signals an engulfing bar reversal bearish movement rejection at the resistance area closed below trend line.

The stochastic oscillator is currently at 34.0 levels and the pair is closed below the rejection of trend line indicating a trend reversal shifting the momentum.

Current developments suggest that the medium term downside are expected to be further low and the focus shall be at 100.746. If there is a break here, it should make lower lows at 100.062 / 99.481 levels.

The outlook remains bearish for the week.

Economic

  • NAHB Housing Market Index, Building Permits
  • FOMC Economic Projections, Fed’s Monetary Policy Statement
  • Fed Interest Rate Decision, FOMC Press conference, Initial Jobless Claims
  • Adjusted Merchandise Trade Balance, Imports, Export
  • BoJ Monetary Policy Statement, BoJ Interest Rate Decision, BoJ Press Conference
  • All Industry Activity Index

Area of Interest

  • Strong resistance at 103.344 area and closed below resistance levels.
  • Bearish pin bar reversal strongly closing below the trend line.
  • Price action closed below trend line and oscillator below 34.0 levels indicating shift in momentum.
  • At Flip Area on Daily time frame resistance levels.

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

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