usdjpydaily

Weekly bias on USD/JPY remains on the downside as the current bullish run from November and December 2013 seem to have topped out at resistance 105.396. Also a sell ‘Pin-bar’ candlestick pattern was formed at the end of the previous week trading session which gives room for more potential supply of the pair. With RSI, Stochastic, MACD and 55EMA all signaling the commencement of a fresh down run, more supply of the pair is expected to 99.900 psychological zone. A clear break of support 101.772, its lowest since the beginning of 2014 would confirm further supply of the pair could be seen.

 

However the long term picture on the pair still remains on the upside, a clear break of resistance 105.396 would fuel further demand of the pair to 110.640 resistance.

 

Key economic reports to watch out for in the coming week which would determine the fate of the pair are ISM Manufacturing PMI, Trade Balance and Non-Farm Pay Rolls (Non-Farm Employment and Unemployment change).

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