Technical analysis of USD/JPY for January 04, 2016 Market Analysis Review

In Asia, Japan will release its reports on Final Manufacturing PMI and the US will also unveil its economic data such as ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI. So there is a big probability that the USD/JPY will move with low to medium volatility during this day.

TECHNICAL LEVELS FOR TODAY :

Resistance. 3: 121.02.

Resistance. 2: 120.78.

Resistance. 1: 120.55.

Support. 1: 120.25.

Support. 2: 120.01.

Support. 3: 119.78.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of major pairs for January 4, 2016 Market Analysis Review

EUR/USD: The inability of EUR/USD to go further higher has resulted in a weak bearish movement. The price is now threatening to test the support line at 1.0850, which is most likely to occur. According to all indications, the bears would succeed in driving EUR/USD further down this week.

USD/CHF: The sudden weakness in the franc caused this pair to break out of its long-term base last week. Because of the bullish breakout, there is now a bullish signal in the market, and there is a tendency that the market could trend further higher from here. If it happens, the resistance levels at 1.0050 and 1.0100 could be reached soon.

GBP/USD: The GBP/USD moved down by 170 pips last week, closing below the distribution territory at 1.4750. There is still a great probability that the market could continue going further down because the outlook on the GBP/USD (including other GBP pairs) is bearish. The price might test the accumulation territories at 1.4700 and 1.4650 this week.

USD/JPY: This currency trading instrument simply consolidated last week. A closer look at the chart shows that the price consolidated to the downside at the close of trading activities last week, testifying to the ongoing weakness in the market. It is possible that the market would continue moving further downwards this week.

EUR/JPY: The weakness in the euro caused the EUR/JPY to drop by 150 pips last week. This cross' movements would be determined by whatever happens to the euro. The price might attain the demand zones at 130.00 and 129.50 before the end of this week because there is a bearish confirmation pattern in the market.

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Technical analysis of GBP/USD for January 04, 2016 Market Analysis Review

Overview:

• The market continues showing signs of weakness following the break at 1.4799 (support has become resistance). Therefore, the GBP/USD pair's support has been broken and it was turned into resistance last week. Moreover, the pair has already formed a strong resistance at the level of 1.4799 (the weekly pivot point). So, the market indicates a bearish opportunity at the level of 1.4799 with the first target of 1.4700 and continues towards 1.4665. On the other hand, if the trend fails to break this level and close below 1.4665, then upside momentum is rather convincing and the structure of the rise does not look corrective. Additionally, the market will indicate a bullish opportunity at 1.4665, thus it will be a good sign to buy at this level (1.4665) with targets at 1.4733 and 1.4790.

Weekly technical analysis of GBP/USD:

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Technical analysis of EUR/USD for January 04, 2016 Market Analysis Review

The weekly technical analysis of the EUR/USD pair:

Overview:

• The support will be at the level of 1.0811, but the double bottom is going to set at 1.0852. According to previous events, the EUR/USD pair has called for the bearish market from the price of 1.0902 because the price of 1.0902 represents strong resistance (the weekly pivot point) this week. Moreover, the weekly pivot point at 1.0902 could hit the moving average (100). Our preference is to sell below the weekly pivot point at 1.0902 with the first target at 1.0852 in order to test the double bottom. Additionally, if the pair breaks the price of 1.0852, then it will continue towards 1.0811 with a view to test the weekly support 1 on January 04, 2015. However, the stop loss has always been taken into account, thus it will be useful to set it above the resistance at the level of 1.0965. Besides, stop loss should never exceed your maximum exposure amounts.

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Daily analysis of USDX for January 04, 2016 Market Analysis Review

USDX starts the year and the week with a bullish tone above the support level of 98.66 and the 200 SMA on the H1 chart. There is still a structure that is favoring more bullish bias towards the 98.90 level on a short-term basis because the fractals are configured for it. A strong support is seen around the 98.14 level. The MACD indicator is at the positive territory.

H1 chart's resistance levels: 98.90 / 99.07

H1 chart's support levels: 98.66 / 98.14

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD index breaks with a bullish candlestick; the resistance level is 98.90, take profit is at 99.07, and stop loss is at 98.72.

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Daily analysis of GBP/USD for January 04, 2016 Market Analysis Review

According to the H1 chart, GBP/USD is doing a strong bearish consolidation below the 1.4802 level, after a sideways range move before the New Year's eve. Currently, we can expect a decline below the 1.4702 level, which would open the doors to test the 1.4608 level on a short-term basis. The 200 SMA in this time frame is still pointing to the downside. The MACD indicator is at the negative territory.

H1 chart's resistance levels: 1.4802 / 1.4918

H1 chart's support levels: 1.4702 / 1.4608

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is 1.4702, take profit is at 1.4608, and stop loss is at 1.4793.

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Daily analysis of USD/JPY for December 31, 2015 Market Analysis Review

Overview

The focus remains on 61.8% retracement of 118.05 to 123.74 at 120.22. A decisive break there will indicate that rebound from 116.13 has completed already and deeper fall would be seen back towards 116.13 low. Meanwhile, minor resistance will turn back to the upside above 121.49 for 123.74 resistance. Overall, more choppy sideway trading could be seen as consolidation pattern from 125.85 extends. The consolidation pattern from 125.85 medium-term top is still in progress. In case of a deeper fall, we'd expect strong support between 115.55 and 38.2% retracement of 101.08 to 125.85 at 116.38 to contain downside. An eventual break of 125.85 is still anticipated at a later stage.

Daily Pivots: (S1) 120.36; (P) 120.50; (R1) 120.67;

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