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6th Nov 2014 USD/JPY Analysis

6th Nov 2014 USD/JPY Analysis

 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 resumes normal service after the bearish day of 4th Nov turns out to just be a retracement, with 114 resistance broken and onwards to 115.82 on the 161.8% Fibonacci Expansion level

 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 115.17 could be a technical resistance and if the market does not close above this level, correction towards 113.4, 110.76 on the supporting trendline can be seen

 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 Bullish strength seems to have weakened as the gradient of the moving averages have subsided a little. Traditional MACD remains bullish despite moving slightly weaker.

The U.S dollar rose 0.3% against the Yen and attained levels past 115, the highest since November 2007, resulting in wealthy Japanese growing wealthier. The Bank of Japan’s unexpected increase in stimulus has added more than $3 billion to the top 4 billionaires’ net worth in the 3 days after the annoucement, as the drop in Yen’s strength fueled stocks’ rally.

A failure to increase wages next fiscal year poses a big downside risk for the economy, according to Naoyuki Shinohara, a deputy managing director at the International Monetary Fund. Shopping for Japanese consumers is also getting more costly as private consumption slumped after a 3% sales tax increase started April 1, contributing to the worst economic contraction since the first quarter of 2009.

Dollar against the Yen is expected to ease off the bullish pressure in the 115 range as referenced from historical data, albeit as just a retracement before the Unemployment Claims report for the previous week as well as the U.S Non Farm Employment change data tomorrow.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Bullish112.27113.26114.23115115.5115.8113.26112.78115.8

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.