By Mike Ber

The following is an excerpt from this weeks premium content from ForexAlerts.ca and for a limited time they are accepting members to beta test their service at no cost to see how you can benefit from their Forex analysis. If you are interested contact Mike at info@forexalerts.ca and he’ll get you set up.

USD/JPY – Weekly close – 95.29

Bias: Bullish – Neutral

usd-jpy-4-hour-chart-2013-03-16_1058-2

USD/JPY – 4 Hour Chart

Commentary:

Most of the market participants expected USD/JPY to rally on the news of Bank of Japan nominees being approved by the upper house of parliament. The pair rejected the upside move, and later came down significantly fueled by profit taking. USD/JPY settled at 95.29 when the markets closed.

We want to tighten the range for USD/JPY, the new range now is 95.289 – 96.48.

The level of 93.333 should provide a strong support at this point of time, if the lower band of our range – 95.289 is broken. Our target on the upside is 97.704 if 96.48 resistance is taken out.

USD/JPY is still trading within our range, and we entered a long position at 95.30 on Friday.

As always we will be updating our members on the new levels on a daily basis.

Next week’s economic events that can influence direction of USD/JPY:

Date / GMT Time

Event

Currency

18 March

14:00

USD NAHB Housing Market Index

USD

18 March

JPY Bank of Japan Governor Shirakawa Steps Down

JPY

19 March

12:30

USD Housing Starts

USD

19 March

12:30

USD Building Permits

USD

20 March

11:00

USD MBA Mortgage Applications

USD

20 March

14:30

USD DOE U.S. Crude Oil Inventories

USD

20 March

16:30

USD Federal Open Market Committee Rate Decision

USD

20 March

18:00

USD Fed Releases Summary of Economic Projections

USD

20 March

18:15

USD Fed’s Bernanke Holds Press Conference in Washington

USD

21 March

12:30

USD Initial Jobless Claims

USD

21 March

12:58

USD Markit US PMI Preliminary

USD

21 March

13:00

USD House Price Index (MoM)

USD

21 March

14:00

USD Philadelphia Fed.

USD

21 March

14:00

USD Existing Home Sales

USD

21 March

14:00

USD Leading Indicators

USD

 

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