USD/JPY : Daily Signal And Analysis from Instaforex

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Currency
Rates
EUR / USD
1.19505
USD / JPY
104.365
GBP / USD
1.33484
USD / CHF
0.9076
USD / CAD
1.29768
EUR / JPY
124.722
AUD / USD
0.73573

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mazri_2008

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USD/JPY approaching profit target perfectly, remain bullish for a further rise

Price has bounced up perfectly from our buying area yesterday and is on track to reaching our profit target.

We remain bullish looking to buy on dips above 111.32 support (Fibonacci retracement, horizontal pullback support) for a further push up to at least 113.06 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance).

RSI (34) has bounced off nicely from our pullback support at 52% and has good upside potential for us to play the rise from here.

Buy above 111.31. Stop loss at 110.45. Take profit at 113.06.



https://www.instaforex.com/forex_analysis/93182/
 
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Technical analysis of USD/JPY for June 21, 2017



In Asia, Japan will release the All Industries Activity m/m, Monetary Policy Meeting Minutes data, and the US will release some Economic Data, such as Crude Oil Inventories, Existing Home Sales. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.92.

Resistance. 2: 111.70.

Resistance. 1: 111.48.

Support. 1: 111.22.

Support. 2: 111.00.

Support. 3: 110.78.
 

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Despite the shallow pullback witnessed in this market, its short-term bullishness remains valid.

The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50.

Price may endeavor to go further upwards before the well-anticipated bearish run happens in the market.

 

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USD/JPY remains bullish for a further push up

The price has retraced to its entry level and looks set for another bounce for a further push up.

We remain bullish looking to buy above 111.32 support (Fibonacci retracement, horizontal pullback support) for a further push up to at least 113.06 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance).

RSI (34) has bounced off nicely from our pullback support at 52% and has good upside potential for us to play the rise from here.

Buy above 111.31. Set stop loss at 110.45 and take profit at 113.06.

 

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Daily analysis of USD/JPY for June 21, 2017



Overview

The USD/JPY pair shows sideways fluctuations after approaching the 112.00 barrier yesterday.

Stochastic is getting rid of its negativity clearly and approaching the oversold levels, which forms positive motive to push the price to resume the bullish trend.

Therefore, we will keep our bullish trend expectations active in the upcoming sessions unless breaking and holding below 110.65 levels. Our main awaited target at 113.97.

The expected trading range for today is between the 111.00 support and the 112.80 resistance.
 

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Fundamental Analysis of USD/JPY for July 3, 2017

USD/JPY has shown bullish pressure after the recent JPY reports and historic defeat in an election in the capital Tokyo on Sunday.

Today JPY Tenkan Manufacturing Index showed an increase to 17 from the previous value of 12 which was expected to be at 15 but Tenkan Non-Manufacturing Index was published with an actual figure at 23 from the previous value of 20 but failed to meet the expected value of 24.

Along these economic events, JPY Final Manufacturing PMI showed an increase to 52.4 which was expected to be unchanged at 52.0 and JPY Consumer Confidence was published at 43.3 which previously was at 43.6 and which was expected to increase to 43.9.

On the USD side, today ISM Manufacturing Index report is yet to be published which is expected to increase to 55.0 from previous value of 54.9, Construction Spending is expected to be positive at 0.3% which previously was negative at -1.4%, ISM Manufacturing Prices is expected to decrease to 58.5 from previous value of 60.5 and Total Vehicle Sales is also expected to decrease to 16.5M from previous value of 16.7M.

To sum up, JPY had mixed economic reports today yet failed to gain against USD currently and as of most of the USD reports are expected to show a worse figure today, we might see some volatility in the market before the daily close.

Now let us look at the technical view, the price is currently above the dynamic level of 20 EMA after breaking above the important level of 110.20.

Currently, the price is expected to reach the resistance area of 114.40-115.00 in the coming days. As the price remains above the 20 EMA, a bullish bias is expected to continue further in this pair.

 

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Technical analysis of USD/JPY for July 04, 2017



In Asia, Japan will release the BOJ Core CPI y/y, 10-y Bond Auction, and Monetary Base y/y data, and today the US will not release any Economic Data.

So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 113.78.

Resistance. 2: 113.55.

Resistance. 1: 113.33.

Support. 1: 113.06.

Support. 2: 112.83.

Support. 3: 112.61.
 

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The USD/JPY made further bullish movement on Monday, but it is now engaged in a shallow bearish correction, which may turn out to be another good opportunity to go for a short-term bullish signal.

There is a Bullish Confirmation Pattern in the 4-hour chart, and a further bullish movement is a possibility (although the outlook on JPY pairs is bearish for this month).

 

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Technical analysis of USD/JPY for July 05, 2017



In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data, such as IBD/TIPP Economic Optimism and Factory Orders m/m. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 113.54.

Resistance. 2: 113.32.

Resistance. 1: 113.10.

Support. 1: 112.82.

Support. 2: 112.60.

Support. 3: 112.38.
 

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Technical analysis of USD/JPY for July 05, 2017



Our upside target of USD/JPY has been hit. USD/JPT is expected to trade with a bullish bias above 113.10.

Although the pair posted a pullback, a support base at 112.80 has formed and has allowed for a temporary stabilization.

Even though a continuation of consolidation cannot be ruled out, its extent should be limited.

Therefore, as long as 113.10 is not broken, look for a rebound to 113.70. A break above this level would trigger another upside to 114.00 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 113.10 with a target at 112.80. Chart Explanation: The black line shows the pivot point.

The current price above the pivot point indicates a bullish position while the price below the pivot point is a sign for a short position.

The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy : BUY, Stop Loss: 113.10, Take Profit: 113.70

Resistance levels: 113.70, 114.00, and 114.05

Support levels: 112.80,112.40, and 112
 
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