Date: 14th December, 2016
Currency Pair: USDJPY
USDJPY is flat around daily pivot level i.e. 115.12. In last trading session the pair has able to sustain above 114.78 which is also the 1st support for today. As long as the price stands above the support level we may see further consolidation. Any break here could bring more bearish pressure to the pair and the price may approach towards 114.38 and then 114.04.
On flip side strong resistance is seen at 115.52. Above the resistance we can find other resistance levels at 115.86 and 116.26.
USDJPY is ranging in a very limited range. Today there are some important economic data releases particularly related to USD. So we’ve to wait for the release of data to see any significant movement. From technical perspective the pair is still in an overbought territory. From here we can expect some selling pressure. Bias is bearish.
Today’s Economic Events
|JPY||Tankan Manufacturing Index||Medium||10||10||6|
|JPY||Tankan Non-Manufacturing Index||Medium||18||19||18|
|JPY||Revised Industrial Production m/m||Low||0.1%||0.1%|
|USD||Core Retail Sales m/m||High||0.4%||0.8%|
|USD||Retail Sales m/m||High||0.3%||0.8%|
|USD||Core PPI m/m||Medium||0.2%||-0.2%|
|USD||Capacity Utilization Rate||Medium||75.1%||75.3%|
|USD||Industrial Production m/m||Medium||-0.2%||0.0%|
|USD||Business Inventories m/m||Low||-0.1%||0.1%|
|USD||Crude Oil Inventories||High||-2.4M|
4 Hours Chart