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Daily Market Analysis from ForexMart
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[QUOTE="Andrea ForexMart, post: 111193, member: 36651"] [B][SIZE=5]USD/JPY Technical Analysis: October 6, 2016[/SIZE][/B] The USD/JPY pair is now trading at the 103.65 range after its value reverted back to the middle of the 103 range. The currency pair went back into the red zone in the middle of the Asian trading session but was still able to go well above the 103 trading handle. The USD/JPY closed down the recent session at 103.45 points, decreasing by -0.07%. The currency pair is now collecting its rallies into per-month highs after consecutive US fundamentals all turned out to be on the positive territory, increasing the possibility of an interest rate hike by the Federal Reserve during the latter part of 2016. The release of the US non-farm payrolls data this coming Friday is seen as a determinant as to whether the Federal Reserve will be pushing through with its interest rate hike in December. The USD/JPY’s resistance levels are now at the 103.66 range. If the currency pair would be able to break through this particular range, then the pair could go within the 103.89 range and could possibly break through 104.14. However, if the pair further decreases its value, then it could hit immediate support levels at 103.00, 102.68 and even lower at the 102.25 range. [/QUOTE]
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