ZuluTrade Blog

USDJPY Technical View and Scenarios

Market View | Friday, March 3, 2017 4:54 AM GMT

The US Dollar has been moving upwards against the Japanese Yen for four consecutive days closing above the 114 level. This may have been helped with the release of Japanese economic news lately, although unemployment Rate fell to 3.0% from 3.1%, Consumer Confidence fell marginally to 43.1 from 43.2; Overall Household Spending shrank annually by 1.2% versus estimates of -0.4%; National CPI Ex Food, Energy rose by 0.2% from 0%. Today, we will not see any news from Japan however; traders anticipate the comments from four FOMC members (including Yellen) later today. 

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Source: ZuluTrade’s Calendar

Technical View and Scenarios on USDJPY


The pair is facing this major trendline (white). In the event we have a valid breakout including a retest of the trendline, then we can have a further bullish momentum. On the other hand, if we have a bearish rejection on the TL, then the pair will retrace on 113.7 support.


We have noted few scenarios following our trading zones. Above 114.7-.114.4 zone, then the pair may see 115.3. However, buyers need to be careful in case the pair retraces back to the zone 113.7 – 113.48. It will be a make or break zone.


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