Market Research and Analysis

Daily Market Analysis Report

Thu, 08 Jun 2017 05:31 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:
  • Buy Above  109.800
    Take Profit
    1st @ 110.250
    Stop Loss @ 109.700

USDJPY

USD/JPY is trading at 110.09, adding +0.27 points and 0.25% on Thursday.  has experienced volatility in today’s trading, buyers are currently winning the battle, as the pair is trading at 110.11, a gain of 0.28% over Wednesday’s North American close.

8 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

  • Unemployment Claims
  • Natural Gas Storage

Technical Overview

USDJPY has an immidiate resistance at 110.35-40, above which a fresh bout of short-covering could lift the pair towards 11.75 horizontal level en-route the 111.00 handle. On the downside, weakness back below 110.85 support might continue to find some support near 109.40 level, which if broken should accelerate the slide back towards 1-1/2 month lows support near 109.20-10 region.

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