Written By : ForexAbode.com || Friday, 17 July 2015 05:39 GMT

USD/JPY Daily Analysis - July 17, 2015

Current Exchange Rate: 124.04 at the time of analysis update.

Intraday outlook: Mildly bullish outlook for USD/JPY.

Though we expect some more gains towards 124.40 to 124.45 resistance zone but USD/JPY may stay in a sideways mode for some time. Some consolidation towards 123.75/123.80 support is also expected. 

Outlook stays mildly bullish but the current price-action is in the psychological resistance zone because of the approaching 125.00 level and that keeps us in check for any long position, even though we are pretty confident of a test of 124.40/124.45 zone.

On the ipside any decisive break over 124.45 should find a stronger resistance near 124.80 but such a break should take USD/JPY to retest 125.05.

On down side we expect any decline to be limited to 123.74, for the short-term. A break of 123.60 to 123.74 support will turn the focus towards downside again.

Do also check all updates of USD/JPY analysis and outlook.

USD/JPY Daily and Hourly Charts

USD/JPY Hourly Chart      

USD/JPY analysis - hourly chart- July 17, 2015.

USD/JPY Daily Chart      

USD/JPY technical analysis - daily chart - July 17, 2015.

Extended daily chart of USD/JPY - July 17, 2015.

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 (Friday, 17 July 2015 03:19) 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 124.79 R3 124.5     R3 124.27
R2 124.5R2 124.32R2 124.53R2 124.23
R1 124.32 R1 124.21 R1 124.38 R1 124.18
Pivot 124.03 Pivot 124.03 Pivot 124.06 Pivot 124.03
S1 123.85 S1 123.85 S1 123.91 S1 124.1
S2 123.56 S2 123.74 S2 123.59 S2 124.05
S3 123.38 S3 123.56     S3 124.01
Open 123.92 Open 123.92 Open 123.92 Open 123.92
High 124.21 High 124.21 High 124.21 High 124.21
Low 123.74 Low 123.74 Low 123.74 Low 123.74
Close 124.14 Close 124.14 Close 124.14 Close 124.14

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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