USDJPY Weekly Forecast Nov 03 2014

Last Friday , Bank of Japan surprised  the whole world by announcing that it would  expand QE program by 80 Trillion yen, buying 8-10 Trillion of JGBs per month. As a result , the USDJPY pair jumped over 400 pips . This announcement should effect all yen crosses at the least for a few weeks , probably month(s) . The Japanese yen is very bearish , with strong US economy , don’t be surprised If you see the USDJPY pair  beyond the 115.00 levels , massive bullish moves  couldn’t be ruled out the upcoming weeks . However ; This week focus will be on BOJ Gov Kuroda Speaks next Wednesday , comments are very important and could shake up the market again . In all , any comments related to QE program should bring high volatility , any delay or changes in  QE program could delay the bearish move of Japanese Yen a little bit before the next fall, let’s highlight the most critical data which may affect the USDJPY pair this week :

Monday Nov 03 2014

  • United States will release data on ISM Manufacturing PMI (Oct) .

Tuesday Nov 04 2014

  • United State will release data on Trade Balance (Sep).

Wednesday Nov 05 2014

  • From Japan BOJ Gov Kuroda Speaks , and Monetary Policy Meeting Minutes.
  • USA will release its report on ADP Nonfarm Employment Change (Oct) , later on the day another data will be released on ISM Non-Manufacturing PMI (Oct).

Thursday Nov 06 2014

  • US will release its weekly report on Initial Jobless Claims.

Friday Nov 07 2014

  • United States will release report on Nonfarm Payrolls (Oct) and Unemployment Rate (Oct).

Events will be discussed during the week …..

Technical Outlook :

  • Weekly Chart

The USDJPY continued its bullish momentum last week, printed support  at the 107.59  levels .This development leaves the pair targeting the 114.50  levels , a halt is likely  , but break of  the 114.50  levels will turn focus on the 117.00 levels, further upside will call for for a run towards the 120.00 levels.

On the downside , support comes at the 110.08 levels ahead of the 107.59 levels (main) ,stability above support levels will keep the bullish momentum intact , however ;  losing the 110.08  levels on a weekly basis will turn outlook neutral towards the 107.59/105.19  levels and bring consolidation before the next rise .

In all , as long as support 110.08  holds on a weekly closing basis , , outlook in USDJPY  remains on the upside  towards the 114.50 levels ahead of the 117.00 levels ,sustained trading below the 110.08  levels will bring pullback towards the 107.59/105.19 levels before the next rise.

Note that stability above  the 112.47  levels on a weekly basis , will turn 112.47  to a strong support level , If seen , focus will be on the 117.00/120.00  levels the upcoming weeks.

  •  Daily Chart 

The USDJPY continued its bullish momentum last Friday  , printed support at the 109.16  levels .This development leaves the pair targeting the 113.80  levels , a halt is likely , but a break would open 115.50 next , further upside will aim the 117.35 levels..

On the downside , support comes at the 110.08 levels , ahead of the 109.16 levels, below this level will open 108.34 levels , a halt is likely , but losing the 108.34 levels will bring a corrective pullback towards the 107.10/105.19 levels before the next rise .

In all , as long as support 108.34  holds on a daily closing basis , outlook in USDJPY  remains on the upside towards the 113.80 levels ahead of the 115.50 levels , below the 108.34 levels will turn outlook neutral towards the 107.10/105.19  levels before the next rise…

  • Conclusion 

Weekly support  comes at the 110.08 levels , daily chart support comes at the 110.08  levels , as a result we have strong demand  zone at the 110.00  levels , so any decline should be limited by this level  , watch out for news near support  levels , positive data should advance the pair in our favor , negative data should be taken as an opportunity to buy on dips !!!

USDJPY Weekly Forecast Nov 03 2014

USDJPY Weekly Forecast Nov 03 2014 _daily





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