Wednesday, March 8, 2017

USD/JPY TECHNICAL OUTLOOK : 8.3.2017

USD/JPY TECHNICAL OUTLOOK : 8.3.2017
NIFTY FUT  TREND             : BUY ZONE
BANKNIFTY FUT  TREND  : BUY ZONE

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USD/JPY. After Opening at 113.93 made a low of 113.69 and was trading flat during the day and made a doji type of pattern signifying indecision in ongoing trend and expects the pair to do so in today session the pair is trading in broader range of 111.70-114.90 and likely to continue but intraday strong support lies at 113.50 so dips shall be utilize to buy the pair.

Fundamental Overview

Japanese Yen is trading at 113.78 appreciating against US dollar, after USD/JPY pair topping at 114.14 in yesterday’s session. Japan’s Q4 GDP and Adjusted Current Account data which were reported today were lower than expectations. US dollar movement will drive USD/JPY pair today with key focus would be on ADP Nonfarm Employment Changes report which is due to be released late today in US session. Expect 113.50 to act as pivot in USD/JPY pair.

Economic Data & News

TIME COUNTRY DATA ACTUAL SURV PREVIOUS
5:20 JPY Adjusted Current Account 1.26T 1.46T 1.66T
5:20 JPY Current Account n.s.a. (Jan) 0.066T 0.239T 1.112T
5:20 JPY GDP (YoY) (Q4) 1.20% 1.60% 1.00%
5:20 JPY GDP (QoQ) (Q4) 0.30% 0.40% 0.20%
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