USDJPY – Daily Analysis – 14th December, 2016

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

Currency Event Impact Actual Forecast Previous
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 PPI m/m High 0.1% 0.0%
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

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
USDJPY 114.78 114.38 114.04 115.52 115.86 116.26
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