USDJPY Weekly Forecast Apr 06 2015

Japan652 min
Japan652 min

Outlook in USDJPY remains neutral with risk to the downside as long as 119.10/120.16 resistance holds on a daily closing basis , support comes at the 118.33 levels , a halt is likely but a cut would open 117.75 /117.00 next , further down will target the  115.85 levels .

On the upside , resistance comes at the 119.10 levels ahead of 119.58/120.16 levels (main) , break of 120.16 levels is needed to signal short term bottoming , If seen focus will be on the 120.90 levels ahead of the 122.00 levels , further upside will pave the way towards the 123.00/124.00 levels…

In all , as long as 120.16 resistance holds on a daily closing basis , short term outlook in USDJPY remains on the downside towards the 118.33 levels ahead of the 117.00 levels , a clear break above the 120.16 levels will restore the upside momentum and open the 120.90/122.00 levels …

Support and resistance : 114.00 , 115.00 , 115.85 , 117.01 , 117.75 , 188.33 , 119.58 , 120.16 (main) , 120.19 , 122.00 , 123.00 , 124.00

Short term trend : Downward (below 120.16)

Long / medium term trend : Neutral (115.00)…

USDJPY Weekly Forecast Apr 06 2015

Key data (events) which may affect USDJPY pair this week :

1- U.S ISM Non-Manufacturing PMI (Mar) . Monday at 14:00

2- Japanese Economy Watchers Current Index .Wednesday  at 05:00

3- BoJ Interest Rate Decision followed by Press Conference . Wednesday at 06:30

4-  FOMC Meeting Minutes . Wednesday at 18:00

5 – U.S Initial Jobless Claims  . Thursday at 12:30

6- U.S Federal Budget Balance (Mar) . Friday at 18:00

* All times are GMT…

Conclusion : Medium term trend is neutral with risk to the upside  as long as 115.00 support holds , while short term is down as long 120.16 resistance holds , as a result , the pair may correct lower before the next possible rise , whatever ; watch out for news near support and resistance levels…

MARKET DATA

UPCOMING ECONOMIC EVENTS

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