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  |   Technicals


FxWirePro: USD/JPY Daily Outlook

USD/JPY chart - Trading View 

Technical Analysis: Bias Neutral

- USD/JPY was trading 0.14% lower on the day at 114.15 at around 11:00 GMT

- Upside in the pair falters at major trendline resistance at 114.30 mark

- The pair looks set to snap a 6-week winning streak

- 5-DMA has turned flat and any close below will see more weakness

- Major trend on the daily and weekly charts as evidenced by GMMA indicator remain bullish

- 200H MA is strong support at 113.26, retrace below will change near-term dynamics

Support levels - 113.92 (5-DMA), 113.26 (200H MA), 112.32 (21-EMA)

Resistance levels - 114.30 (major trendline), 114.53 (76.4% Fib), 115

Data Watch:

Time (GMT) Event Forecast


1230 US Building Permits (MoM)(Sep)  1.68M 1.728M
1230 US Housing Starts (MoM)(Sep)  1.62M 1.615M
1255 US Redbook Index (YoY)(Oct 15)  - 14.8%
1715 Fed's Bowman speech     
1900 Fed's Waller speech    
2350 Japan Merchandise Trade Balance Total(Sep)  ¥-519.2B ¥-637.2B
2350 Japan Imports (YoY)(Sep)  34.4% 44.7%
2350 Japan Exports (YoY)(Sep)  11% 26.2%

Summary: USD/JPY is trading with a neutral bias. Watch out for close below 5-DMA for further weakness. Dip till 113.25 likely.

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