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Weekly Technical Outlook: USD/JPY; Market Forecasts for August 07th – August 11th

By:
Sylvester Stephen
Updated: Aug 7, 2017, 08:49 UTC

Resistance level 112.217, 113.024, 113.529 Pivot Level 110.662 Support Level 110.032 Technical Analysis The USD/JPY pair closed the weekend trading above

USD/JPY
  • Resistance level 112.217, 113.024, 113.529
  • Pivot Level 110.662
  • Support Level 110.032

usdjpy2

Technical Analysis

The USD/JPY pair closed the weekend trading above 110.66 levels after being in a down trend since march, and the pair gets a good support base. This reinforces the expectations of the pair moving towards the bullish bias from the downward movement which is in place for quite some time now as can be seen on the chart. At this level and we can expect the price to remain the same this time as well and this provides signals for the price recovery in the upcoming days.

This is supported by stochastic positivity that appears clearly on the daily time frame and, rising above 18.0 levels, the pair remains bullish for the moment while trading on rebound after testing barriers. That makes the trading settle now at the support area and make some upward move as we can see some consolidations would be seen with bullish momentum with two bar reversal.

A further rise is expected from current levels on the new found support area along with the beginning of a new trend and the first main target located at 112.217, pointing that breaking this level besides holding above it will push the price to resume its with bullish that its next target located at 113.024 level.

Economic

  • FOMC Member Kashkari Speech, Initial Jobless Claims,
  • Consumer Price Index, Consumer Price Index Ex Food & Energy
  • Coincident Index, Leading Economic Index
  • Current Account n.s.a., Eco Watchers Survey: Outlook, Foreign bond investment

Area of Interest

  • Strong support at 110.032 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 18.0 levels indicating shift in momentum.
  • At Flip Area on Daily time frame support levels.

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