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Technical analysis of USD/JPY for January 07, 2016

Market Overview:

The Japanese yen is one of major currencies that can become stronger against the US dollar in this new 2016 year. Although, in a bigger time frame, it seems to be in a ranging condition, but on the intraday chart, the yen is strengthening against the greenback.

Economic Data:

Today, Japan will release its reports on the 30-y Bond Auction, and the United States will publish its data on Natural Gas Storage, Unemployment Claims, Challenger Job Cuts y/y. Amid these statistical reports, the USD/JPY pair could be moving in low to medium volatility today.

Technical Data:

Weekly Bias: ranging

Daily Bias: bearish (stronger yen)

Technical Levels:

Resistance 3: 118.81

Resistance 2: 118.58

Resistance 1: 118.35

Support 1: 118.06

Support 2: 117.83

Support 3: 117.60.

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Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial adviser if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com