USDJPY- Weekly Forecast 02-06 Sept 2013

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Japan458 g3d3la

 

The USDJPY maintained some bullish momentum last week, bottomed at the 96.81 levels, now the pressure will be on the 98.80 levels. The USDJPY will have to hold above the 98.80 levels on a daily closing basis to push the market for further upside gains,If seen , It will target the 99.95 levels where a breach will turn focus on the 100.86/101.52 levels, at this point I’d expect strong resistance from the 100.86/101.52 levels to contain rise from the 95.80 levels and bring reversal to the downside, but a clear break above 101.52 would suggest that fall from 103.73 probably is over at 93.78, If seen, a strong pressure will be built on the  103.73 levels, a break will aim the 104.65 ahead of the 105.95 levels.

On the downside, support comes at the 96.81 levels, a break would turn the focus on the 95.80, furthermore will aim the 93.78 ahead of the 92.55 levels.

In all, as long as 95.80/96.80 levels hold on a daily closing basis, the pair will remain biased to the upside with risk towards 100.00/101.51 levels.

Support and Resistance levels on daily : 90.85, 92.55 , 93.78 , 95.80, 96.81 ,97.58, 98.80 , 100.00 , 101.52. 103.73, 104.65, 105.95

Trend Strength (daily chart):

Bullish: above 96.81

Neutral: below 96.81

Bearish: below 95.80

Live Chart Of USDJPY



Key data/events which may influence USDJPY  this week:

  • US – ISM Manufacturing PMI, Tuesday : 2:00 pm
  • US – Trade Balance, Wednesday: 12:30 pm
  • JP – Monetary Policy Statement, Thursday: all day
  • JP – BOJ Press Conference, Thursday: all day
  • US – ADP Non-Farm Employment Change, Thursday, 12:15 pm
  • US –  Unemployment Claims, Thursday 12:30 pm
  • US – ISM Non-Manufacturing PMI, Thursday, 2:00 pm
  • US – Non-Farm Payrolls, Friday, 12:30 pm
  • US – Unemployment Rate , Friday , 12:30 pm

All times are GMT

USDJPY Daily Chart

MARKET DATA

UPCOMING ECONOMIC EVENTS

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