18/11/14 USD/JPY rises towards 117 again for the 2nd time in 2 days as Japan sinks into recession


dollar, Yen, USD/JPY outlook, USD/JPY technical analysis, USD/JPY Forecast, Japanese Yen, USDJPY analysis, USDJPY outlook, USDJPY technical analysis, USDJPY analysis, USDJPY forecast, USD/JPY analysis, Bank of Japan, BOJ, Kuroda, Haruhiko Kuroda, Shinzo Abe, U.S Dollar, USD, Abenomics USD/JPY extends towards 117 as Japan unexpectedly sank into recession last quarter

dollar, Yen, USD/JPY outlook, USD/JPY technical analysis, USD/JPY Forecast, Japanese Yen, USDJPY analysis, USDJPY outlook, USDJPY technical analysis, USDJPY analysis, USDJPY forecast, USD/JPY analysis, Bank of Japan, BOJ, Kuroda, Haruhiko Kuroda, Shinzo Abe, U.S Dollar, USD, Abenomics 115.45 proves to be a solid support price zone as USDJPY rebounds despite momentarily breaking the 20 SMA on the H4 charts, continuing the uptrend.

dollar, Yen, USD/JPY outlook, USD/JPY technical analysis, USD/JPY Forecast, Japanese Yen, USDJPY analysis, USDJPY outlook, USDJPY technical analysis, USDJPY analysis, USDJPY forecast, USD/JPY analysis, Bank of Japan, BOJ, Kuroda, Haruhiko Kuroda, Shinzo Abe, U.S Dollar, USD, Abenomics Breaking 116.4 resistance will see 117 retested again after 116 is supported at the 141.4% of the uptrend Fibonacci expansion. Moving averages continue to support the candlestick formations.

Unable to shake off the effects of its April tax raise, Japan’s GDP shrunk for 2 consecutive quarters as the world’s second third largest economy looks to be putting off its next tax hike after yesterday’s data release. The hourly chart shows resistances breaking upwards after the news have been digested by market watchers as Yen selling continued. Japan last slide into recession in 1997 also on the back of a consumption tax increase. Then-Prime Minister Ryutaro Hashimoto subsequently lost his job after pushing forward with the consumption levy hike.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Slight Bullish115.45115.8116.1117117.6118

    Share Your Opinion, Write a Comment