USDJPY Weekly Forecast Sept 29 2014

Outlook in USDJPY remains on the upside as long as support 106.80/108.25 holds on a weekly closing basis , next resistance comes at the 110.65 levels . a break will turn focus on the 112.30 levels , further upside will aim the 114.65 levels ..

On the downside , support comes at the 108.25 levels ahead of the 106.80 levels , below 106.80 will bring corrective pullback towards the 104.15 levels before the next rise…

In all , as long as support 106.80/108.25 holds on a weekly closing basis , outlook in USDJPY remains on the upside towards the 110.65 levels ahead of the 112.30 levels , below the 106.80/108.25 levels will bring pullback towards the 104.15 levels before the next rise.

Support and Resistance :104.15 , 105.66 , 106.80 , 107.38 , 108.80 , 110.65 , 112.65 , 112.30 , 114.65

 

USDJPY Weekly Forecast Sept 29 2014

 

 

 Live chart of USDJPY 



Key data which may influence  USDJPY  this week : 

  • US Pending Home Sales (MoM) , Monday at 14:00. A higher than expected (-0.1% ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • JPY Household Spending (MoM) . Monday at 23:50 . A higher than expected (1.2%) 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.
  • JPY Industrial Production (MoM) . Monday at 23:50 . A higher than expected (0.2%) 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.
  • JPY Retail Sales (YoY) . Monday at 23:50 . A higher than expected (0.3%) 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.
  • US CB Consumer Confidence , Tuesday at 14:00. A higher than expected (92.5 ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • JPY Tankan Large Manufacturers Index , Tuesday at 23:50 . A higher than expected (10) 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.
  • JPY Tankan Large Non- Manufacturers Index , Tuesday at 23:50 . A higher than expected (17) 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.
  • US ADP Nonfarm Employment Change , Wednesday at 12:15 . A higher than expected (210 K ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • US ISM Manufacturing PMI , Wednesday at 14:00 GMT . A higher than expected (58.5 ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • US Initial Jobless Claims , Thursday at 12:30. A higher than expected (298 K) reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.
  • US Nonfarm Payrolls , Friday at 12:30 . A higher than expected (215 K ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • US Unemployment Rate , Friday at 12:30 . A higher than expected (6.1% ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • US ISM Non-Manufacturing PMI , Friday at 14:00 . A higher than expected (58.5 ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

* All times are GMT.

Note : Any negative data above the 108.25 levels is seen as an opportunity to buy the pair on dips ..positive data  will advance the pair further higher…

MARKET DATA

UPCOMING ECONOMIC EVENTS