USDJPY Fundamental & Technical Analysis (April 3, 2013)

The USDJPY remains in a bearish outlook, trading below the 200 day moving average, facing strong resistances in their attempt to want to go higher.

The USDJPY is facing a strong resistance at 93.42, a level that has been very strong in days ago. If the USDJPY manages to break this resistance, could visit the resistances at 93.71 and 94.03, close to the 200 day moving average. Moreover, the USDJPY has an intraday support at 92.95, which, if it does a breakout, the USDJPY could visit the support at 92.23. The MACD indicator is in neutral territory and therefore, we must be careful with the USDJPY, since it is in a stage of “indecision” (moving in range). In “big” graphics, such as daily charts, USDJPY made a breakout of an uptrend line in Monday’s session, which supports a “bearish” hypothesis on the technical analysis of this pair, as having made the breakout, has a clear path to visit the support at 91.67 in the medium term.

For today, we have the following key’s news events for the USDJPY:

– 13:15 GMT: (US) The ADP Non-Farm Employment Change, which has a previous reading of 198K and a forecast of 203K. If the reading is higher than the forecast, will have a “bullish” impact on the USDJPY.

– 15:00 GMT: (US) ISM Non-Manufacturing PMI, which has a previous reading of 56.0 and a forecast of 55.9. If the reading is higher than the forecast, will have a “bullish” impact on the USDJPY.

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