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USD/JPY for November 17, 2014 In Asia, Japan will release the Prelim GDP q/q, Prelim GDP Price Index y/y and the US will release some economic data such as Empire State Manufacturing Index, Capacity Utilization Rate, Industrial Production m/m. So there is a big probability the USD/JPY will move with low to medium volatility during the day. TODAY TECHNICAL LEVELS: Resistance. 3: 116.37. Resistance. 2: 116.14. Resistance. 1: 115.92. Support. 1: 115.64. Support. 2: 115.41. Support. 3: 115.18.
As we can notice on the USDJPY chart the price is upper than the EMA line of 40 which can be considered as a sign of bullish trend.
The power line indicator is located below the 80 level and that is a good downward direction signal.
The power momentum indicator shows a small power of the bullish trend that can be used as a filter to filter the entry of the buy trades .
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The moment indicator indicates that there is good selling signal on our pair USDJPY and that’s because of the cross taking place where the blue line’s location is below the red line at the moment The oracle strength indicator.
on the other hand is could be considered be giving a downwards direction signal according to the red color shown.
If we needed more confirmation on the direction then the Oracle direction indicator would do the trick as you can see the red colors on the arrows could be acting as downward signals.
Now as a conclusion from all the data we acquired up till now I believe that a downward trend would be taking action and that of course if the sell cross was still on the chart sell trades would have the priority as long as the ATR indicator gives selling signals.
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pair- usd/jpy
analysis time frame- m15
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the rsi indicator is moving to the level 70 and in the price chart its at daily pivot point 116.28 level. here price may rejecting up movement and will again down side. short with stop loss at 116.62 and profit target at the 115.62
good luck.
On the drawback, underneath at 115.26 would bring retracement to 114.80-90, in any case, support at 113.86 ought to point of confinement drawback and bring an alternate climb later. An every day close underneath this support would concede and recommend a minor top is structured, bring retracement to 113.40-50, then towards 112.50-60 yet value ought to stay well above at 111.12, the greenback should head north again from that point. Purchase again at 113.90 for 116.50 with stop beneath 112.90.
the price seems to move in upward trend today on the USDJPY chart as there are a blue dots below the bars and as long as the price keeps higher than the strong support of 114.48 which is also the weekly Pivot point then it seems that the price may keep going north till it can hit the weekly pivot resistance at 117.45 .
In other scenario if the price can break the support 114.48 and get a bearish signals by a red dots then it’s expected to keep going south till the support of 112.68 as the next weekly Pivot point.
http://bigimage.cz/photos/20141117141626362163324.gif .
Daily Forecast
Pair: USDJPY
Major Trend: Bullish
Time Frame: H4
Reason: Price only retest on 115.40 support. And the price has continued its bullish trend to get Fibo 161.8 (117.35). However, the daily pivot point at 116.38 untouched. RSI is still above the 50 line
Recommendation: Buy Limit at 116.38 with targets 117.35
USD/JPY is exchanging at 116.65, up 0.18% on the day, having posted an every day high at 116.80 and low at 116.45. USD/JPY is currently anticipating news around whether a race will be called by Japan's PM, Abe. Accordingly, dealers may begin to match back positions and given to what extent the business sector is of USD/JPY, this could keep the pair from traveling through 117 with any sort of conviction for the present regardless of how control the bulls may be in once more.
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analysis for today 11 / 18 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle USD/JPY on the date 11 / 17 / 2014
OPEN 116.47
HIGH 117.04
LOW 115.46
CLOSED 116.63
The third resistance (R3) 117.04 - ( 116.38 - 115.46 = 0.92 x 2 = 1.83 )= 118.87
The second Resistance (R2) 116.38 + 117.04 - 115.46 = 117.96
First resistance (R1) 116.38 x 2 = 232.75 - 115.46 = 117.29
pivot points 117.04 + 115.46 + 116.63 = 349.13 / 3 = 116.38
Support for the first (S1) 116.38 x 2 = 232.75 - 117.04 = 115.71
Support second (S2) 116.38 - ( 117.04 - 115.46 = 1.58 ) = 114.80
Third Support (S3) 115.46 - ( 117.04 - 116.38 = 0.66 x 2 = 1.33 )= 114.13
USD/JPY for November 18, 2014
In Asia, Japan will not release any economic news data. However, the US will release some economic data such as PPI m/m, Core PPI m/m, NAHB Housing Market Index, and TIC Long-Term Purchases. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session. TODAY TECHNICAL LEVELS: Resistance. 3: 117.09. Resistance. 2: 116.86. Resistance. 1: 116.63. Support. 1: 116.35. Support. 2: 116.12. Support. 3: 115.89.
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