USDJPY Corrects Lower Looks Set For More Declines

USDJPY Corrects Lower Looks Set For More Declines

By: Simon Furman | Where To Trade | On:13-02-2015 14:49
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Key Highlights

  • US dollar corrected lower against the Japanese yen and looks set for more loses in the near term as sellers trying to take the USDJPY pair lower.

  • In New Zealand Food Price Index (FPI) released by the Statistics New Zealand came in at 1.3% in January 2015 whereas the last reading was a gain of 0.3%.

  • Japanese Securities investment, released by Ministry of Finance registered a reading of ¥199.5B, compared to the last reading of ¥675.2B.

  • Japanese Foreign investment in Japan stocks, released by Ministry of Finance registered a reading of ¥-477.1B, compared to the last reading of ¥-104.8B.

  • Indonesia Current Account % of Gross Domestic Product registered a decline of 2.61% in the fourth quarter of 2014, whereas the last reading was around -3.07% in the third quarter of 2014.

  • Couple of important releases are lined up today during the London session, including the German and the Euro area Gross Domestic Product which might create moves in the Euro.

  • Euro buyers look nervous and struggling to take the EURUSD and EURJPY pair higher.

USDJPY

The US dollar struggled to clear the 120.40 level against the Japanese yen recently and fell sharply lower. There was more than 100 pips decline noted in the USDJPY pair which increased a lot of pressure on the US dollar buyers. However, it is important to note that the pair managed to clear an important resistance trend line on the 4 hour chart earlier this week, which might act as a support if the pair moves further lower from the current levels. Moreover, the 100 and 200 moving averages are also around the same area.

Intraday Support Level – 1.4250

Intraday Resistance Level – 1.4350

  • Overall, as long as the pair is above the 100 4-hour MA it might continue trading higher.

  • A break below the same could take the pair towards the 200 MA.

On the upside, the swing high of 120.00 level might act as a resistance. A break above the same could push the pair towards the 120.40 level.

EURJPY

The Euro faced a major barrier against the Japanese yen around the 136.60 level where sellers managed to defend the upside in the EURJPY pair. The Euro followed the path set by the US dollar against the Japanese yen and traded towards the 100 4-hour simple moving average. There is a major support around the 134.00 area which has held the downside in EURJPY on a number of occasions. There is a resistance trend line as well, which prevented the upside in the near term. So, in short the pair might struggle to trade higher and might correct lower in the near term.

Intraday Support Level – 134.60

Intraday Resistance Level – 136.20

  • Selling rallies around the 136.20 level line look like a good option.

  • A break above the same might call for more gains moving ahead.

On the downside, the last swing low of 134.60 might act as a support for the EURJPY pair moving ahead.

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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