ZuluTrade Blog

USDJPY Technical Daily View

Market View | Monday, January 30, 2017 5:03 AM GMT

The Dollar-Yen pair is consolidating around 115 – 112 for several days now. We are expecting volatile price action today as we are having plenty USD news as well as BOJ’s monetary policy statement tonight.  Analysts believe that USDJPY has to reclaim 115 level in order to secure the upward momentum.

Important upcoming news:

Source: zulutrade.com/calendar

Looking over the technical view in daily timeframe, price stays above 5 EMA for 4 consecutive days but 5 EMA hasn’t yet crossed 20 EMA above so the trend remains bearish. We have noted a major support level (112.51) and area (109.72-108.72) as well a resistance level (115.2) and area (118.65 – 118.07). Indeed, price needs to close above and confirm 115 level to get bullish momentum as it will activate the double bottom pattern too (blue line is the neckline).


 (EMA = Exponential Moving Average, SMA= Simple Moving Average,5EMA=Purple, 20EMA=Yellow, 200SMA= Blue)

Heading into the hourly timeframe, we are in a corrective phase and we have noted an important support zone on 114 – 113.79. As long as price stays above this area then we may have good probabilities for USDJPY heading above 115. If there is a violation, then we may see further correction to the next support 112.51.


 (EMA = Exponential Moving Average, SMA= Simple Moving Average,5EMA=Purple, 20EMA=Yellow, 200SMA= Blue)

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