USDJPY – Daily Analysis – 22nd January, 2016

Date: 22nd January, 2016

Currency Pair: USDJPY

USDJPY pair is trying to hold yesterday’s gain and moving towards up. At present the pair is trying to approach 118.17 the immediate resistance for today. Further gain is only possible once the price crosses 118.17 price level. Beyond the level we can find 118.66 and 119.51 as subsequent resistance levels.

On flip side 116.83 is offering 1st support for today. 2nd support and 3rd support are at 115.98 and 115.49 respectively.

Yesterday the pair has able to recover from a strong support area. Despite of showing good bullish strength by the pair it is still under bearish territory. A clear upside movement can be only expected if the pair able to cross 118.17 price level i.e. 1st resistance for today. I’m bullish above 118.17.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
JPY Flash Manufacturing PMI Low 52.4 52.8 52.6
ALL WEF Annual Meetings Medium
USD Flash Manufacturing PMI Low 51.5 51.2
USD Existing Home Sales Medium 5.21M 4.76M
USD CB Leading Index m/m Low -0.1% 0.4%

4 Hours Chart

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
USDJPY 116.83 115.98 115.49 118.17 118.66 119.51
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