Date: 09th October, 2015
Currency Pair: USDJPY
USDJPY is now trading above daily pivot i.e. 119.88 price level. The pair had lost a lot in last trading sessions. Now the pair is trying to gain some upward momentum after reaching intraday support level i.e. 119.67. It seems that the price level i.e. 119.67 is a strong support which has defended the pair from further fall. Other support levels are at 119.40 and 119.19.
On other hand upside movement is limited by 120.15 price level which is also the 1st resistance for today. Any successful attempt to break the said resistance level may proved as significance from technical point of view. If it happens then 120.36 will come into play followed by 120.63.
The pair had lost its ground in last couple of trading sessions. In daily chart we can find the clear bearish move which has been established in last couple of days . But today after approaching strong support i.e. 119.67 the pair had found some strength. The pair has made some small bull candles in last few hours. The momentum is not strong enough at the moment. The price needs to extend beyond 120.15 for a confirmed recovery. Failure to break the resistance level may bring the pair into a more corrective mode.
Today’s Economic News Events
|USD||FOMC Member Williams Speaks||Medium|
|USD||Import Prices m/m||Medium||-0.5%||-1.8%|
|USD||FOMC Member Lockhart Speaks||Medium|
|USD||Wholesale Inventories m/m||Low||0.1%||-0.1%|
|USD||FOMC Member Evans Speaks||Medium|
4 Hours Chart
Daily Support And Resistance Levels