Date: 05th October, 2015
Currency Pair: USDJPY
USDJPY turns flat at current levels. There is no directional move at the moment. Last Friday the pair had responded to negative NFP data but unable to break key support level. The pair had reversed towards up from strong support level as we can see it on the chart. Today’s resistance levels are at 1.20.63, 121.38 and 122.35.
The price level 118.91 is offering 1st support for today. Second and third support levels are at 117.94 and 117.19 respectively.
USDJPY has been moving in a very limited range from last couple of days reflecting lack of any proper direction. It may be due to mixed fundamental output. By looking at the chart we can say the pair is trying to consolidate at current levels. Downside movement is limited to 118.91. As far as the pair stays above the level it’ll go into a more consolidative mode.
Economic Events For Today
|JPY||Average Cash Earnings y/y||Low||0.5%||0.7%||
|USD||Final Services PMI||Low||55.7||55.6|
|USD||ISM Non-Manufacturing PMI||High||58.0||59.0|
|USD||Labor Market Conditions Index m/m||Low||2.1|
4 Hours Chart
Daily Support And Resistance Levels