USD/JPY Forex Market Forecast

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The offered around the USD/JPY pair is seen gaining traction once again, as the greenback’s retreat picks-up pace against its major peers, after having witnessed a bullish opening gap starting 2017.

The pair is last seen exchanging hands at fresh three-day highs of 117.37, losing -0.13% on the day. The USD/JPY pair is seen oscillating back and forth in a 30-pips narrow over the last hours, amid stalled USD buying.

USD/JPY Technical levels to watch 

The major finds immediate resistance at 117.50 (psychological levels). A break above the last, the major could test 117.83 (Dec 28 high) and 118 (zero figure) beyond the last. While to the downside, the immediate support is seen at 117.03 (5-DMA) next at 116.50 (psychological levels) and below that at 116.33 (daily S2).

Currently the exchange rate of USD/JPY is 117.34.

Our Recommendation:
USD/JPY is going down in forex market and it is recommended to sell.

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