Market Research and Analysis

Daily Market Analysis Report

Wed, 14 Dec 2016 03:34 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 116.10 – 112.550
  • Support & Resistance Levels:
  • R3: 116.6
    R2: 116.11
    R1: 115.82
    Pivot Point: 115.33
    S1: 114.84
    S2: 114.55
    S3: 114.06
  • Trading Recommendation:
  • Buy Above 114.850
    Take Profit
    1st @ 115.450
    Stop Loss @ 114.65

USDJPY

The pair concluded yesterday at 115.00. The early Asian Pacific session observed the value move to a low of 114.72. That took the cost beneath support at the 114.82-86 – recollect those levels as the swing high from Mid-February 2016 (at 114.86) and the Dec 1 high cost (at 114.82). USDJPY remains well–supported on plunges in front of the Fed as US yield differential stay wide and USD supportive versus the JPY.

14-dec-jpy
Fundamental Overview

Enormous Japanese makers’ conclusion enhanced without precedent for six quarters in the three months to December to hit a one-year high, a nearly watched national bank study appeared, as stock picks up and yen falls lit up prospects for the fare dependent economy. Organizations likewise kept up their peppy spending arranges, the Bank of Japan’s “tankan” quarterly review appeared on Wednesday, strengthening market desires that the Bank of Japan will hold off on growing boost measures in the coming months. Be that as it may, benefit division certainty was unaltered from three months prior as awful climate hurt private utilization, the study appeared, underscoring the delicate and inconsistent nature of recuperation on the planet’s third biggest economy.

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

JPY

  • Tankan Manufacturing Index
  • Tankan Non-Manufacturing Index
  • Revised Industrial Production m/m

USD

  • Core Retail Sales m/m
  • PPI m/m
  • Retail Sales m/m
  • Core PPI m/m
  • Capacity Utilization Rate
  • Industrial Production m/m
  • Business Inventories m/m

Technical Overview

Technically, the USDJPY continued to trade with same technical analysis as broke out of an ascending triangle pattern on Friday and the market closed above this pattern, fueling sentiment of bullish moves in a pair. Moreover, a long-term resistance is found around 115.450.  Overall, the trading range remains at 116.630 – 113.310.

Related Posts

Risk Warning:

There is a substantial risk of loss in trading commodity futures, option and off-change foreign currency products.
Read our General Risk Disclosure.