Weekly Technical Outlook: USD/JPY ; Market Forecasts for February 13th – February 17th

• Resistance level 114.551, 115.969, 117.027
• Pivot Level 112.596
• Support Level 111.879

Technical Analysis

The USD/JPY pair closed weekend trading above 111.879 levels to get a good support base that reinforces the expectations of continuing the bullish bias. As seen on the chart price, one can expect the same this time as well.

Signals are provided for the price recovery in the upcoming days and is supported by stochastic positivism, which appears clearly on the daily time frame.

It rises above 21.0 levels and the pair remains bullish for the moment with pair trading on rebound after testing barriers. Doing so makes the trading settle at the support area and appears in the chart.

Some consolidations would be seen with bullish momentum and further rise is expected from current levels on the new found support area.

With the beginning of the new trend and the first main target located at 114.551, breaking 115.969 levels besides holding above it will push the price to resume being bullish for its next target at 117.027 levels.

Economic

• Fed’s Yellen Speech, Retail Sales ex Autos, Retail Sales control group
• Consumer Price Index Ex Food & Energy, FOMC Member Harker Speech
• Building Permits Change, Initial Jobless Claims
• Industrial Production, Foreign investment in Japan stocks, Foreign bond investment

Area of Interest

• Strong support at 111.879 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 21.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame support levels.

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