Resistance level 117.964 Pivot Level 117.354 Support Level 115.225, 114.444, and 112.935 Technical Analysis Daily bias in USD/JPY remains bearish with
Resistance level 117.964
Pivot Level 117.354
Support Level 115.225, 114.444, and 112.935
Technical Analysis
Daily bias in USD/JPY remains bearish with 117.964 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 the end of the week and such decline is viewed as a correction.
Thus, we’d expect resistance to hold the area and pair remains bearish with break of 115.225 indicating near term bearish reversal to continue with a downside bias.
The price action signals a two bar reversal bearish movement having rejection at resistance area closed below trend line and stochastic oscillator is currently at 65.0 levels with the pair closed below the rejection of trend line indicating a trend reversal shifting the momentum.
Current development suggest that the medium term downside are expected to be further low and focus shall be at 114.444 levels. When there is a break here, it should make lower lows at 112.935 levels. The outlook remains bearish for the week.
Economic
ISM Manufacturing PMI, ADP Employment Change
FOMC Minutes, Initial Jobless Claims, ISM Non-Manufacturing PMI
Average Hourly Earnings, Nonfarm Payrolls
Unemployment Rate, Trade Balance
Foreign investment in Japan stocks, Foreign bond investment
Area of Interest
Strong resistance at 117.964 area and closed below resistance levels.
Bearish two bar reversal strongly closing below the trend line.
Price action closed below trend line and oscillator below 65.0 levels indicating shift in momentum.
At Flip Area on Daily time frame resistance levels.
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