USDJPY – FX Charts Outlook

By | November 14, 2016

USDJPY: 106.60
Resistance Support
108.30/37 55 WMA/200 WMA/(38.2% of 123.66/98.94) 106.50 200 DMA
108.00 Major descending trend resistance 106.02 Friday low / 55 MMA
107.89 7 June high 105.58 (23.6% of 106.94/101.18)
107.48 21 July high 104.95 Minor
106.95 10 Nov high 104.70 (38.2% of 106.94/101.18)


US$Jpy was unable to overcome the sellers camped at 107.00 on Friday, with 1 billion dollars supposedly on offer, but it recovered from a dip to 106.02 to finish in a relatively healthy condition at 106.60, and with the daily momentum indicators looking constructive another test of the topside would not surprise. The 4 hour charts are overbought though, so progress on Monday may be slow but there is plenty of data due, and Bank of Japan Governor, Kuroda will be speaking, so we can expect some decent volatility. Above 107.00 there is not a whole lot to stop it from heading to 108.00/30, while on the downside, the 200 DMA at 106.50 may act as a pivot ahead of Friday’s low of 106.02. Buying dips remains favoured, with a SL below 105.80.

24 Hour: Mildly bullish – Prefer to buy dips

Medium Term:  Bullish

Economic data highlights will include:

M: Provisional GDP (Q3), Bank of Japan Governor, Kuroda Speech, Industrial Production, Capacity Utilisation



T: Foreign Bond/Stocks Investment


Meta Trader
USDJPY: 4 Hour