USDJPY – Daily Analysis – 22nd December, 2016

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

Currency Event Impact Actual Forecast Previous
USD Core Durable Goods Orders m/m High 0.2%
0.8%
USD Final GDP q/q High 3.3% 3.2%
USD Unemployment Claims High 255K 254K
USD Durable Goods Orders m/m Medium -4.9% 4.6%
USD Final GDP Price Index q/q Low 1.4% 1.4%
USD HPI m/m Low 0.4% 0.6%
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

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
USDJPY 117.08 116.61 116.12 118.04 118.53 119.00
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