Daily Market Analysis Report
Fri, 23 Dec 2016 04:15 AM GMT
Author: Senior Forex Analyst, Arslan Ali Butt
- Daily Trading Range:
- 119.10 – 116.550
- Support & Resistance Levels:
- R3: 119.6
Pivot Point: 117.94
- Trading Recommendation:
- (Still Active)
Sell Below 117.650
1st @ 117.10
Stop Loss @ 117.85
USDJPY is trading at 117.51, down -0.06% on the day, having posted a daily high at 117.68 and low at 117.48. The pair is open in Tokyo with a slight change, for the most part sideways in sluggish occasion markets and in spite of the semi-positive result of the Italian bureau that occurred in late exchange that has endorsed a thought process to bolster the Italian keeping money emergency, beginning with Monte Dei Paschi and there is affirmation of support for the banks and in push to make the managing an account framework more strong.
Real gross domestic product increased at an annual rate of 3.5 percent in the third quarter of 2016, according to the “third” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.4 percent. The GDP estimate released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was 3.2 percent. In the week ending December 17, the advance figure for seasonally adjusted initial claims was 275,000, an increase of 21,000 from the previous week’s unrevised level of 254,000. The 4-week moving average was 263,750, an increase of 6,000 from the previous week’s unrevised average of 257,750. There were no special factors impacting this week’s initial claims.
Today on Friday, the investors are recommended to monitor the following events:
- No Economic Release Expected
- New Home Sales
- Revised UoM Consumer Sentiment
- Revised UoM Inflation Expectations
On Friday, the USDJPY is trading at 117.500 below a narrow trading range of 118.200- 117.700. The pair remains bearish along with fundamentals, supporting the JPY. At present, the pair has completed 50% retracement at Fibonacci level of 116.733. RSI value is slightly bearish at 49 with a slight downward shift from 57. The support prevails at 116.456 and 115.85 with a trading range of 119.10 – 115.550. Moreover, a long-term resistance is found around 118.450 and 119.250.