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Daily Technical analysis by ForexMart

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Old 04-10-2016, 07:58
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Default Daily Technical analysis by ForexMart

Technical Analysis for USD/JPY: October 4, 2016

The USD/JPY pair surged to attain its two-week high of 102.27 points as a result of positive risk appetite after easing Deutsche Bank issues and OPEC oil statements increased the possibility of an interest rate hike in December.

Meanwhile, the Japanese yen is still in the bottom rung of its trading range for the sixth straight session, its longest bottom-trend streak since March. The currency pair bottomed out at the 100.08 range last week after an increase in oil prices market risk-ons, as well as easing in Deutsche Bank concerns.

Moreover, the Japanese yen is most likely to increase its selling power in the Asian session today after foreign QE talks by the Bank of Japan is seen to be gaining momentum. The currency pair is now dependent at the wider market sentiment. The market will now be focusing on the shares of banking firm Deutsche Bank, which has previously ended Monday’s trading session with marginal losses.

If the USD/JPY pair manages to break above the 102.65 trading range, then this would expose the pair to the 102.78 range and go beyond an expected hurdle at 103.54 points. However, if the pair would go below its support levels of 102.00, then this could trigger a movement towards 101.57 points, which would then lead to lows at 101.00 points.

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