USD/JPY: Weekly Technical Analysis For July 28-Aug 1, 2014

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The US dollar traded higher against the Japanese Yen during last weeks trading session after fundamental reports show slight recovery in the US economy. Data from the Housing sector and Durable Good Orders came in good and these propelled demand for the greenback. Weekly bias in the pair remains on the upside as 21 and 55 EMA are showing more buying of the pair is expected on the 4 hours charts. SSRC and MACD oscillators are also signalling bullish momentum.


The bears tried to drive the pair down but the bulls still seems to be in control as we see sell range bound trading on the daily time charts. Price is expected to rise to 102.250 and a break of such resistance would bring further rise to 103.300. A break of 103.300 resistance would trigger more demand to 103.782 resistance. Fundamental catalysts we would be expecting to make this happen in this weeks trading session are the ADP Non Farm Employment, US Advance GDP q/q and the Almighty Non Farm Pay Rolls.



However, a break of 100.760 supports would dampen the bullish run and would resume a bearish trend. More fundamentals investors would be watching out for later in the week are FOMC Rate Statement and ISM Manufacturing PMI

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