Weekly Technical Outlook: USD/JPY ; Market Forecasts for November 27TH – December 1 st

• Resistance level 111.745, 112.083, 112.639
• Pivot Level 111.434
• Support Level 111.123

Technical Analysis

The USD/JPY pair closed weekend is trading above the 111.123 levels. The pair gets a good support base that reinforces the expectations of continuing the bullish bias from the downward movement which is in place for quite some time now as can be seen on the chart price as respected this level. We can expect the same this time as well by providing signals for the price recovery in the upcoming days. The pair is supported by its stochastic positivity that appears clearly oversold on the daily time frame. The pair is rising above the 9.0 levels. The pair remains bullish for the moment with pair trading on rebound after testing barriers. This makes the trading to settle now at the support area. This made some upward move as we can see some consolidations with bullish momentum with two bar reversal. A further rise is expected from current levels on the new found support area. The beginning of the new trend and the first main target is located at the 111.745 level. This points out that the pair breaking at the 111.745 level besides holding above it will push the price to resume its with bullish that its next target located at the 112.083 level.

Economic

• New Home Sales, Dallas Fed Manufacturing Business Index, Goods Trade Balance
• OPEC meeting, Gross Domestic Product Annualized, Fed’s Yellen testifies
• Initial Jobless Claims, Core Personal Consumption Expenditure
• Large Retailer’s Sales, Retail Trade, Foreign investment in Japan stocks, Foreign bond investment
• National CPI Ex-Fresh Food, Jobs/applicants ratio, Overall Household Spending

Area of Interest

• Strong support at 111.123 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 9.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame support levels.

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