USDJPY Daily Forecast Feb 03 2020

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USDJPY: Bearish Eyes Further Weakness…

As long as 108.62 – broken support turned resistance – holds on a daily closing basis. The USDJPY remains on the downside to 108.25 levels. A halt is likely, it may test 108.62 before attempts to break lower. However; below 108.25 aims the 107.95 level, further down, support comes in the 107.60 level.

On the upside, resistance comes at 108.62 levels. Above that level sees recovery threats to 108.95/109.26 levels. Sustained trading above 109.25 will extend the corrective recovery to 109.85 levels.

In conclusion: The USDJPY continues to face downside threats below the 109.25 level.

Support: 108.25, 107.95, 107.60, 107.20, 106.90, 106.55

Resistance: 108.62, 108.95, 109.25, 109.85, 110.30, 110.75

USDJPY Daily Forecast Feb 03 2020Key data/events which may affect USDJPY during this week: 

  • U.S ISM Manufacturing PMI (Jan) on Monday at 15:00 GMT. The forecast is to rise by 48.5, from 47.2 in the preceding month.
  • Japan Services PMI (Jan) on Wednesday at 00:30 GMT. The forecast is to rise by 52.1, from 49.4 in the last month.
  • U.S ISM Non-Manufacturing PMI (Jan) on Wednesday at 15:00 GMT. The forecast is to rise by 55.1, from 55.00 a month earlier.
  • BoJ Board Member Masai Speaks on Thursday at 01:30 GMT.
  • U.S Nonfarm Payrolls (Jan) on Friday at 13:30 GMT. The forecast is to rise by 161K, from 145K a month earlier.
  • U.S Unemployment Rate (Jan) on Friday at 13:30 GMT. The forecast is to remain unchanged as the previous month at 3.5%

MARKET DATA

UPCOMING ECONOMIC EVENTS