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Analysis: USDJPY – Perfect Failure, More Losses Ahead?

  • US Dollar failed around the 100-day simple moving average against the Japanese Yen and moved down.
  • The USDJPY pair fell sharply, and it looks like sellers are in control in the short term.
  • In the US, the Initial Jobless Claims report will released by the US Department of Labor, which is forecasted to increase from 278K to 280K
  • In Japan today, the Foreign investment in Japan stocks posted a reading of ¥-85.4B.
  • Moreover, the Japanese Foreign bond investment posted a reading of ¥-364.1B.

USDJPY Technical Analysis

The USDJPY pair started higher this week, but on the daily timeframe chart it found a monster resistance in the form of 100-day simple moving average. The 200-day SMA was also positioned around the same area.

USDJPY

Buyers failed to take the pair above the 100-day simple moving average, and as a result there was a sharp downside reaction. The pair even traded below the 118.00 once, and currently correcting higher. A new weekly low was formed near the 117.00 area.

If the pair continues to correct higher, then the next level hurdle for buyers could be around the 50% Fib retracement level of the last drop from the 121.67 high to 117.03 low.

US Initial Jobless Claims

Today, the Initial Jobless Claims, which is a measure of the number of people filing first-time claims for state unemployment insurance will be released by the US Department of Labor. The market is expecting an increase from the last reading of 278K to 280K. If the outcome fails to meet the forecast and the Initial Jobless Claims increases more than expected, then the US dollar may come under a lot of bearish pressure.

Japanese Foreign investment in Japan stocks

There were a couple of minor low risk economic releases in Japan today. The Foreign investment in Japan stocks data, which referrers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency was released by Ministry of Finance. The outcome was mixed, as the Foreign investment in Japan stocks came in at ¥-85.4B.

Moving ahead, traders will be keeping a close eye on the economic releases in the US. Let us see how it shapes up and affects the US Dollar.

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