USDJPY – Weekly Forecast 06 -10 Jan

Recommendations: LONG positions above 104.40 with 105.25 & 106.00 as next targets.
Alternative scenario:The downside breakout of 104.40 will call for a slide to 103.60/102.80.
Description:The USDJPY halted its gain at 105.43 last week however ;  stability above the key support 104.40 will keep the bullish momentum intact and look for 105.25 levels ahead of 106.00, break of 106.00 will open 106.80/107.60 levels next.On the downside ; main support comes at the 104.40 levels , losing this level on would weaken the current bullish run and bring consolidations for retesting  103.60/102.80 levels before the next possible rise.

Trend direction :Upward

Time Frame : Intraday (4 Hour )

Support and resistance levels :

  • 106.80
  • 106.00
  • 105.25 – Overbought – Trend continuation level
  • 104.85 –
  • 104.40  – Oversold – Bearish breakout level – Pivot level for week
  • 103.60 – 102.80 – 102.00….

Considerations :

  • Main support comes at 104.40 levels , buying the pair is recommended after rejection from this level …
  • If 104.40 fails , 104.80 should limit any upside move and bring decline towards 103.60/102.80 levels.
  • If  104.40 fails but 104.80 is taken out , next resistance would be 105.25/106.00.
  • If 105.25 is taken out , 104.80 should contain any bearish correction and bring rise towards 106.00/106.80 levels.
  • If 105.25 is taken out  , and  104.80  failed to hold , next support would be 104.40/103.80….

 

MARKET DATA

UPCOMING ECONOMIC EVENTS