Written By : ForexAbode.com || Tuesday, 07 July 2015 05:34 GMT

USD/JPY Daily Analysis - July 07, 2015

Current Exchange Rate: 122.48 at the time of analysis update.

Intraday outlook: Mildly bearish outlook for USD/JPY.

USD/JPY broke below 121.94 and though the break was brief but it casts bearish shadows for the coming days. Past three trading days have also indicated that 55-day EMA is now acting as resistance. The only factor which is against the bearish outlook is the approaching psychological ranges of 120.00. An descending chart pattern has also emerged on the daily chart.

Some more volatile moves may take place but we remain on bearish for USD/JPY at least for the short-term. On the downside another break below 121.94 should extend the decline towards a strong support zone of 121.20 to 121.40 first and then towards 120.70. 

On the upside we expect a resistance at or below 122.93. Any break above that should bring further consolidation but in any case we would expect the upside to be limited to 123.20. 

 

USD/JPY Daily and Hourly Charts

USD/JPY Hourly Chart      

USD/JPY analysis - hourly chart- July 07, 2015.

USD/JPY Daily Chart      

USD/JPY technical analysis - daily chart - July 07, 2015.

Extended daily chart of USD/JPY

The Forex technical analysis for USD/JPY is updated daily. Please check the update time at the top before taking any action.

Further Resources and notes

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Note 2: Please also take a look at USD/JPY forecast or mid-term term trading approach updated on the weekends.

You may also check the  updates for USD/JPY market sentiments.

USD/JPY Interest Rate comparison
(For Carry Trades)
US dollar (USD) interest rate
0.25%
Japanese yen (JPY) interest rate
0.10%
USD/JPY interest Rate Comparison
0.15%

USD/JPY Resistance and Support with Daily Pivot Points (Values at GMT 00:00)

Last Updated (Tuesday, 07 July 2015 02:10) GMT

Standard Pivot Point for USD/JPY Fibonacci Pivot Point for USD/JPY Woodie Pivot Point for USD/JPY Camarilla Pivot Point for USD/JPY
R3 123.78 R3 123.35     R3 122.92
R2 123.35R2 123.07R2 123.38R2 122.86
R1 123.04 R1 122.9 R1 123.09 R1 122.79
Pivot 122.61 Pivot 122.61 Pivot 122.64 Pivot 122.61
S1 122.3 S1 122.33 S1 122.35 S1 122.65
S2 121.87 S2 122.16 S2 121.9 S2 122.58
S3 121.56 S3 121.87     S3 122.52
Open 122.43 Open 122.43 Open 122.43 Open 122.43
High 122.93 High 122.93 High 122.93 High 122.93
Low 122.19 Low 122.19 Low 122.19 Low 122.19
Close 122.72 Close 122.72 Close 122.72 Close 122.72

USD/JPY's Correlation with other currency majors

USD/JPY Correlation Values:
 
USD/JPY
P
e
r
i
o
d
U
S
D
/
J
P
Y
AUD
/USD
EUR
/CHF
EUR
/GBP
EUR
/JPY
GBP
/USD
NZD
/USD
USD
/CAD
USD
/CHF
EUR
/USD
1
W
e
e
k
1 -0.31 0.86 -0.18 0.85 0.25 -0.83 0.08 0.4 0.02
1
M
o
n
t
h
1 0.64 0.73 -0.18 0.67 -0.21 -0.86 0.29 0.68 -0.63
1
Y
e
a
r
1 -0.2 -0.47 -0.6 0.94 0.69 0.49 0.66 -0.68 0.69

USD/JPY Correlation Graph:
 
-0.31
   
-0.2
   
 
0.86
   
-0.47
   
 
-0.18
   
-0.6
   
 
0.85
   
0.94
   
 
0.25
   
0.69
   
 
-0.83
   
0.49
   
 
0.08
   
0.66
   
 
0.4
   
-0.68
   
 
0.02
   
0.69
   
   
0.31
   
0.2
 
   
0.86
   
0.47
 
   
0.18
   
0.6
 
   
0.85
   
0.94
 
   
0.25
   
0.69
 
   
0.83
   
0.49
 
   
0.08
   
0.66
 
   
0.4
   
0.68
 
   
0.02
   
0.69

Notes and caution about Forex analysis for USD/JPY

The daily USD/JPY analysis is not just based on technical indicators but also takes into account the overall price action and other aspects which can affect the Forex market in general and USD/JPY price action specifically. Please also note that many times the price mentioned at the time of analysis update maybe different than the entry level suggested. These positions would mean limit orders for buying or short-selling. Hence please do not treat this analysis just as trading signals for USD/JPY.

However, please note that the analysis reflects our views about the currency market based various factors. Forex trading is a speculative market and the price may always have unpredictable moves. We cannot take the responsibility for any losses dues to and positions taken based on our views.

Please check the current USD/JPY Exchange Rate.

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