07.01.201603:54 Forex Analysis & Reviews: Technical analysis of USD/JPY for January 07, 2016

Long-term review

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Market Overview:

The Japanese yen is one of major currencies that can become stronger against the US dollar in this new 2016 year. Although, in a bigger time frame, it seems to be in a ranging condition, but on the intraday chart, the yen is strengthening against the greenback.

Economic Data:

Today, Japan will release its reports on the 30-y Bond Auction, and the United States will publish its data on Natural Gas Storage, Unemployment Claims, Challenger Job Cuts y/y. Amid these statistical reports, the USD/JPY pair could be moving in low to medium volatility today.

Technical Data:

Weekly Bias: ranging

Daily Bias: bearish (stronger yen)

Technical Levels:

Resistance 3: 118.81

Resistance 2: 118.58

Resistance 1: 118.35

Support 1: 118.06

Support 2: 117.83

Support 3: 117.60.

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