Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 15 March 2019
2019-03-15 08:31 am | Resource: Technical Analysis | No Views : 44
The USDJPY is moving in a sideway direction in the near term.
the USD/JPY was able to hold steady at 111.12 to rebound slightly to 111.90 as it faces some selling pressure around this level.
In view of the technical indicators
Both the RSI and Stochastic are indicators to weakness of the indicators.
Therefore, we expect that the USD/JPY will fall to level of 111.12 again and this scenario fails in case of stability above level of 112.10.
The alternative scenario is that the USD/JPY breached level of 112.10 to the upside for targeting levels of 113.07 - 113.57.
Looking at the daily chart, we find that the USD/JPY also broke the upside channel down.
Our view is currently neutral around USD/JPY.
The fundamental overview
• On the economic data front, the Bank of Japan press conference will be released, as well as the speech by Bank of Japan Governor Kuroda at 3.55 am GMT.
• On the other hand, the New York Manufacturing Index will be released at 7.30 am GMT, as well as the release of US Industrial Production data on a monthly basis at 8.15 am GMT, as well as the release of the Consumer Confidence Consumer Sentiment - Michigan at full hour 9 am GMT, as well as the release of preliminary reading of inflation expectations - Michigan at 9 am GMT, as well as job vacancies and US turnover at 9 am GMT.
Resistance: 112.10 - 113.07 - 113.57
Support: 111.12 - 110.35 - 109.57
The dollar fell on Thursday after the number of people applying for unemployment rose more-than-expected last week. US durable goods orders rise in March Reflecting a sharp rebound in transport equipment orders, the Commerce Department released a report on Thursday showing new orders for durable goods manufactured in the US jumped more than expected in March. Durable goods orders rose 2.7 percent in March after a revised 1.1 percent drop…
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