Market Research and Analysis

Daily Market Analysis Report

Fri, 09 Dec 2016 03:43 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 116.10 – 112.550
  • Support & Resistance Levels:
  • R3: 115.09
  • R2: 114.61
  • R1: 114.31
  • Pivot Point: 113.83
  • S1: 113.35
  • S2: 113.05
  • S3: 112.57
  • Trading Recommendation:
  • Buy Above 114. .75
  • Take Profit
  • 1st @ 115.250
  • Stop Loss @ 114.50


USDJPY continued to trade in its well-maintained narrow trading range of 114.650 – 113, whereas the pair remained slightly on a higher side with a slight change in values. Economic events released from Japan in the early trading sessions are in favor, especially the BSI Manufacturing Index that came greater than the expected. The high to low movement remain 119 pips for the pair with a high of 114.363 and a low of 113.119.

Fundamental Overview

In the week ending December 3, the advance figure for seasonally adjusted initial claims was 258,000, a decrease of 10,000 from the previous week’s unrevised level of 268,000. The 4-week moving average was 252,500, an increase of 1,000 from the previous week’s unrevised average of 251,500. Further, BSI Manufacturing Index remained up at 2.9 as compared to previous -11.1, extending a slight support to JPY.

Today on Friday, the investors are recommended to monitor the following events:


  • BSI Manufacturing Index
  • M2 Money Stock y/y


  • Prelim UoM Consumer Sentiment
  • Final Wholesale Inventories m/m
  • Prelim UoM Inflation Expectations

Technical Overview

USDJPY has formed an ascending triangle pattern in a H4, fueling sentiment of breakouts, not actually expected today. But traders are suggested to follow the pair for good profitable moves. Overall, the trading range remains at 114.630 – 113.300. RSI value has shifted higher at 58 from 41, demonstrating in a bullish stance after ECB. Currently, the resistance prevails at 114.650 and 115.10. Whereas the supports remains at 113.85 and 113.15.

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