Weekly Technical Outlook: USD/JPY; Market Forecasts for January 30th – February 3rd

• Resistance level 117.024, 117.961, 118.155
• Pivot Level 113.786
• Support Level 112.932

Technical Analysis

The USD/JPY pair closed weekend trading above 112.932 levels, to get a good support base that reinforces the expectations of continuing the bullish bias thereby providing signals for the price recovery in the upcoming days.

This is supported by stochastic positivism and the pair appears clearly on the daily time frame rising above 42.0 levels.

It remains bullish for the moment with pair trading on rebound after testing barriers and that 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, the first main target is located at 117.024 levels, pointing that breaking 117.961 levels besides holding above it will push the price to being bullish with its next target located at 118.155 levels.

Economic

• Consumer Confidence, Fed’s Monetary Policy Statement, ISM Prices Paid, ADP Employment Change
• Fed Interest Rate Decision, Initial Jobless Claims
• Unemployment Rate, Nonfarm Payrolls, ISM Non-Manufacturing PMI
• BoJ Monetary Policy Statement, BoJ Interest Rate Decision, BoJ Press Conference
• BoJ Monetary Policy Meeting Minutes, Foreign investment in Japan stocks

Area of Interest

• Strong support at 112.932 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 42.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame support levels.

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