USD/JPY Forecast: Flat around 114.00

Valeria Bednarik FXStreet

USD/JPY Current price: 113.92

View Live Chart for the USD/JPY

Flat around 114.00. The USD/JPY pair continues seesawing around the 114.00 level, pretty much flat daily basis. There were no major news coming from Japan, while worse-than-expected US trade deficit for October, down to $.42.60B from a previously revised deficit of $36.20B is pushing the JPY modestly higher ahead of the US opening. The short term picture is neutral-to-bearish, as in the 1 hour chart, the price is stuck around its 100 SMA, while technical indicators have lost their bearish strength within positive territory after reaching their mid-lines. In the 4 hours chart, the technical picture is also neutral, as technical indicators head nowhere around their mid-lines, although given that the 100 SMA continued rallying below the current price, the risk of a deeper bearish move is limited. A bearish move will remain as corrective as long as the price holds above 112.80, this week's low, while a break above 114.90 is required to confirm a new leg higher, towards the 116.60 price zone.

Support levels: 113.65 113.20 112.80

Resistance levels: 114.10 114.45 114.90

Interested in USD/JPY technicals? Check out the key levels

1. R3 114.46
2. R2 114.02
3. R1 113.74
PP 113.31
1. S1 113.03
2. S2 112.59
3. S3 112.31

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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