USDJPY: Weekly Outlook for 23 – 27 December 2013

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The USDJPY pair continued its upward movement after demand for the pair was fueled by the Federal Reserve’s decision on Wednesday to scale down its bond-buying program by $10 billion to $75 billion a month.

The pair was able to breach 103.71 resistance which had been holding since May 2013 to make a new high at 104.61 before a slight decline and closing lower at the end of US session on Friday. Further rise is still expected as MACD, RSI, STOCH and 55EMA all indicates on the 4hrs, daily and weekly charts the bullish run is still intact but could possibly be dampened by low liquidity due to the Holidays fast approaching.


In the near term picture, as long as 102.49 support holds, a break of the 104.61 resistance would resume the bullish run and a rise to 105.00 psychological zone could be seen and then a further rise to 110.68 resistance is expected in the long term picture.

However a break of the 102.49 support could signal a slight decline to 101.61(38.2% Fib) as investors would be monitoring key fundamental reports of the US: Core Durable goods, New Home Sales and Unemployment claims.

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