The yen had little to cheer about over Christmas, as USD/JPY jumped over 100 points last week, closing above the 105 level. There are no Japanese releases this week. Here is an outlook on the major market-movers and an updated technical analysis for USD/JPY.
It was a busy week for Japanese releases. Consumer spending and manufacturing numbers were weak, but retail sales looked sharp and inflation indicators continue to point upwards. In the US, unemployment claims and housing data late in the week helped the dollar move higher and close the week above the 105 line.
TECHNICAL BEAM
Following unemployment data release from the States, USD/JPY continues advancing north-east of the chart jumping above weak resistances. Elliot wave and Fibonacci analysis reveals the pair will continue its upside to complete a wave leg 5 at the 2.62 Fibonacci level.
Bullish price target for this week is estimated to be 107.45 extreme value. Market price might however go beyond this price target to hit a key resistance at 109.807.
NOTE: Price
predictions produced by FibonacciPrice&PatternTrader may be
affected by unforeseen events like hurricane, earth quake, flood and
other natural disasters consequently changing price patterns already
predicted. Hence we advice strict adherence to money management
techniques.
HAPPY TRADING
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