Market Research and Analysis

Daily Market Analysis Report

Wed, 07 Jun 2017 08:03 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 112.25 – 107.250
  • Support & Resistance Levels:
  • R3: 116.47
    R2: 114.12
    R1: 112.81
    Pivot Point: 110.46
    S1: 109.15
    S2: 106.8
    S3: 105.49
  • Trading Recommendation:
  • Sell Below 109.500
    Take Profit
    1st @ 108.95
    Stop Loss @ 109.700

USDJPY

USD/JPY fell pointedly amid the Asian session, as financial specialists’ worries over occasions because of happen in the not so distant future sent them escaping into the place of refuge of the yen. The pair plunged underneath key support at 110.24, coming to as low as 109.56, the most minimal level exchanged since April 21st. The pair is at present quite recently off the low of the session, exchanging at 109.70, lost 0.70% from Monday’s North American close.

7 June JPY
Fundamental Overview

Japan’s leading index declined to a five-month low in April, preliminary data from the Cabinet Office showed Wednesday. The leading index, which measures the future economic activity, fell to 104.5 in April from 105.7 in March. The reading was expected to fall more sharply to 104.3. This was the lowest score since November 2016. Meanwhile, the coincident index that reflects the current economic activity climbed to 117.7 from 114.4 in the previous month. The reading was also above the expected level of 117.5. The lagging index declined to 116.2 in April from 116.7 in March.

JPY

  • Final GDP q/q
  • Bank Lending y/y
  • Current Account
  • Final GDP Price Index y/y

USD

  • Crude Oil Inventories
  • Consumer Credit m/m

Technical Overview

USDJPY fell sharply to trade at 109.31, down -0.10 points and 0.09% in the European session today. The pair fell dramatically after breaking 109.93 which was likely to open further room for selling until $109. For now, the next support is found at 108.885 and 108.45.  Whereas, a resistance is seen at 109.700, which, if breached would expose 109.950 and 110.60.

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