USD/JPY Forex Technical Analysis for June 17, 2016
Technical Analysis – The USD/JPY pair broke down during the day on Thursday, slicing through the 105 level. There did end up being a bit of bullish pressure underneath, but quite frankly that is probably more or less a bit of a knee-jerk reaction more than anything else. It appears that the market is ready to go lower but the question then remains whether or not the Bank of Japan will get involved. At this point, short-term selling opportunities after exhaustive candles will probably be the best way to get involved in this pair. I have no interest in buying at the moment.
In Other View point – It look Promising!!!
I looks promising USDJPY. RSI also indicate a divergence level base on support. It should break the 20MA in order to step to our 2nd target. MACD also signifies a cross which means a buy signal….Initial target will be 105.77 followed by 107.21…Cutloss below 103.58. Goodlock Traders!!!
In other View – USD/JPY wobbles around 104.30
The greenback has given away initial gains vs. its Japanese counterpart on Friday, taking USD/JPY to the 104.30 region after briefly testing 104.80 in early trade.
USD/JPY attention to risk trends, US data
‘Brexit’-led risk aversion sentiment has boosted the demand for the Japanese safe haven throughout the week, prompting spot to test levels last traded in August 2014 around 103.50 on Thursday.
The pair is now posting meager gains in the 104.30 area following news that ‘Brexit’ campaign will be halted today and rumours of a probable coordinated central bank action in order to provide USD funding in case the UK leaves the EU next week.
On the data front, the US housing sector will be in the limelight, with Housing Starts and Building Permits expected later in the NA session.
USD/JPY levels to consider
As of writing the pair is gaining 0.02% at 104.28 facing the immediate hurdle at 107.92 (high Jun.7) followed by 108.64 (55-day sma) and then 110.93 (100-day sma). On the other hand, a breach of 103.53 (2016 low Jun.16) would aim for 101.49 (low Aug. 8 2014) and then 101.04 (low Jul.10 2014).