Wednesday, November 23, 2016

USD/JPY TECHNICAL OUTLOOK:24.11.2016

USD/JPY TECHNICAL OUTLOOK:24.11.2016
NIFTY FUT  TREND             : SELL ZONE
BANKNIFTY FUT  TREND  : SELL ZONE


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USD/JPY. Pair after opening at110.75 and made high of 111.35 and formed a side wise candle after a doji candle near the resistance of 111.40 this signify incision in the pair and tug of war between the bulls and bear, but after that formed a bullish candle broke above 111.50 so dips shall be utilize to buy the pair.

Fundamental Overview

Yen is trading at 112.80, breaking all the resistances in the aftermath of positive US data yesterday. With the markets pricing in a 100% chance of a rate hike in coming month, we can expect further weakness in the Japanese Yen. There is no market data today but the continued momentum could drive the USDJPY pair higher for a test of 113.00.