USDJPY Forecast March 2017
USDJPY FORECAST : The dollar against JPY is at its support level in 4-hour technical chart.Current USDJPY market price is 112.72.The support is forming around 112.25 area.According to the technical 4-hour chart.USDJPY was at bearish mode since a couple of days. Meanwhile, bullish divergence in MACD and recent support rejection indicating the bottom has been done, and USDJPY may give clear bullish move in next couple of days.First minimum target could be 113.50-55 level; the second expected target may at 113.85-88 and third medium-term resistance is forming at 114.25 which is also the 4-hour retracement and resistance zone.USDJPY is moving in a range rising channel with higher high and lower high formation which will confirm if USD against yen hits the next higher high area around 116.10 which could be the watching area for next bearish interest. Please have a look at 4-hour time frame chart below.I have mentioned possible next target levels with a logical technical formation.
Note: Movement and closing below the support line which is drawn and mentioned in the chart below will invalidate our bullish thoughts.
4-Hour Technical USDJPY Forecast Chart
USDJPY Forecast Support & Resistance Levels
Resistance 1: 113.50-55
Resistance 2: 113.87-88
Resistance 3: 114.23-25
Longer Term Trend Resistance 116.10-15
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com