Date: 22nd December, 2016
Currency Pair: USDJPY
USDJPY has been trading in an overbought territory. Currently the pair is hovering near pivot level i.e. 117.57. The 1st support can be found at 117.08. Any break here could force the pair towards next support level i.e. 116.61 and then 116.12 will come into play.
On other hand 118.04 is offering a strong resistance. Above the level 118.53 and 119.00 are other resistances.
USDJPY has been moving in a very limited range. We can expect some sell off from here. But before that the price needs to go below 117.08 which is the immediate support for today. Bias is bearish.
Today’s Economic Events
|USD||Core Durable Goods Orders m/m||High||0.2%||
|USD||Final GDP q/q||High||3.3%||3.2%|
|USD||Durable Goods Orders m/m||Medium||-4.9%||4.6%|
|USD||Final GDP Price Index q/q||Low||1.4%||1.4%|
|USD||Core PCE Price Index m/m||Medium||0.1%||0.1%|
|USD||Personal Spending m/m||Medium||0.4%||0.3%|
|USD||CB Leading Index m/m||Low||0.2%||0.1%|
|USD||Personal Income m/m||Low||0.3%||0.6%|
|USD||Natural Gas Storage||Low||-201B||-147B|
4 Hours Chart