Weekly Technical Outlook: USD/JPY; Market Forecasts for March 27th – March 31st

• Resistance level 113.009, 114.460, 115.252
• Pivot Level 111.558
• Support Level 110.642

Technical Analysis

The USD/JPY pair closed weekend trading above 110.642 levels and got a good support base that reinforces the expectations of continuing the bullish bias from the sideways movement which is seen for quite some time now.

The pair provides signals for the price recovery in the upcoming days, and this is supported by stochastic positivism. The pair appears clearly oversold on the daily time frame and rises above 7.0 levels.

The USD/JPY pair remains bullish for the moment with pair trading on rebound after testing barriers and this makes the trading settle now at the support area.

Some consolidations can be seen with bullish momentum with two bar reversal 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 113.009, breaking 114.460 levels besides holding above it will push the price to being bullish for its next target located at 115.252 levels.

Economic

• Dallas Fed Manufacturing Business Index, FOMC Member Kaplan Speech, Goods Trade Balance
• Consumer Confidence, FOMC Member Kaplan Speech, FOMC Member Williams speech
• Initial Jobless Claims, Michigan Consumer Sentiment Index
• Large Retailer’s Sales, Retail Trade, National Consumer Price Index, Jobs/applicants ratio
• Unemployment Rate, Industrial Production

Area of Interest

• Strong support at 110.642 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 7.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame support levels.

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