Market Research and Analysis

Daily Market Analysis Report

Thu, 25 May 2017 03:15 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 114.75 – 111.550
  • Support & Resistance Levels:
  • R3: 113.22
    R2: 112.40
    R1: 111.72
    Pivot Point: 110.90
    S1: 110.22
    S2: 109.40
    S3: 108.72
  • Trading Recommendation:
  • Still Active
  • Sell Below 111.650
    Take Profit
    1st @ 110.650
    Stop Loss @ 111.850


USD/JPY is trading at 111.31, up +0.04% on Monday. Most of the haven demand was initated by safe haven appeal. The dollar gained strongly in Asia on Monday with the market watching the progress of Donald Trump’s first visits abroad as president with a flurry of deals signed in Saudi Arabia in the first stop and shrugging off the latest missile test by North Korea at the weekend..

21 May JPY
Fundamental Overview

Japan’s trade surplus narrowed more than expected in April, as import growth outpaced exports. The Ministry of Finance reported an April merchandise trade surplus of ¥481.7 billion, down from a surplus of ¥614.7 billion in March. Analysts in a median estimate called for a declined to ¥520.7 billion. Exports rose at an annualized 7.5% in April, following a gain of 12% the month before. Exports have now risen for five consecutive months, partially offsetting a 15-month decline. Meanwhile, imports surged 15.1% year-over-year, following a gain of 15.8% the month before.


  • No Economic Event Expected


  • FOMC Member Harker Speaks
  • FOMC Member Kashkari Speaks
  • FOMC Member Brainard Speaks

Technical Overview

USDJPY fell below at the golden ratio Fib of 38.2% level (111.500) and it seems likely that the wave has been completed once price breaks above the smaller resistance trend line. The falling top formation plus the bearish MACD and RSI nicely positioned at the neutral territory suggests the bears remain in control. A failure to take out 111.60 (Feb low) followed by a break below 111.00 would open doors for a revisit to 108.13.

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