USDJPY Forecast Feb 03-07

Recommendations: LONG positions above 101.60  with 102.95 & 103.57 as next targets.

Alternative scenario: The downside breakout of 101.60 will open 100.15/99.20 levels.

Description: Outlook in USDJPY is neutral this week, resistance is at 103.57 levels, break of this level will recapture the 104.90/105.43 levels, above 105.43 would open 106.65 next, further out will aim the 107.00 levels. On the downside, support comes at the 101.60 levels, losing this level on a daily basis will extend losses to the 100.15/ 99.20 levels, below 99.20 will turn the focus on the 97.97 levels.

Support & Resistance :97.97 , 99.20,100.00 ,101.60(Pivot)103.57 (Pivot) , 104.90 , 105.43 , 106.65

Key data/events which may influence USDJPY  this week:
  • Average Cash Earnings (YoY).Wednesday at 01:30 GMT. Average Cash Earnings measures the change in employment income, including bonuses and overtime pay. Higher income is positive for consumption. Last read 0.6% ,Forecast 0.7% . Market Impact: A higher than expected reading should be taken as positive/bullish for the JPY, while a lower than expected reading should be taken as negative/bearish for the JPY.

For the US events read U.S.ECONOMIC EVENTS Feb 03-07

Live Chart Of USDJPY

USDJPY Daily Chart

USDJPY Forecast Feb 03-07