USDJPY Forecast Oct 29 – Nov 2

USD/JPY Forecast Oct 29 – Nov 2 – USD fall against JPY, Downtrend in USD/JPY

The Dollar/Yen was on the back leg because fear had caught the financial markets. Both the greenback and the US dollar acquired land by selling in shares, but the Japanese currency emerged as the winner.

Fundamental Analysis USD/JPY 29-Oct to 02-Nov

Stock Sell-Off, Mixed Data:
The global stock market fell sharply and set the tone for the currencies. A mix of concerns about the increase in the Fed’s rates, the tariff of trumpets, the slowdown in emerging markets, the weight of the stand-off with the Brexit and the EU decreased. At the end of the week, unexpected earnings by some large companies also hurt the stock.

US data was mixed with a GDP of 3.5%, but it involved increased investment and declining exports, not the right kind of growth. Other figures like accommodation and durable orders were mixed

BOJ decision:
The Bank of Japan takes its rate decision on Wednesday. They do not expect to change their policy, except interest rates -0.1% (negative) and 10-year bonds.

Apart from this, the American mid-term elections are coming closer. Democrats are favorite to regain the House, while Republicans are ready to retain the Senate. In shaping politics, Rai has an increasing role in the elections.

Important Support and Resistant Lines

Important Support and Resistant Lines

Technical Analysis USD/JPY Oct. 29 – Nov. 2

1. 115.55 In the first half of 2017 there was a high point and it is a fierce goal. At the beginning of October was 114.60 high point and acts as resistance.

2. 114 is a round number and there was one step stone on the way below. 113.50 US $ / JPY supported when it traded on high ground.

3. There was a swing high back in July at 113.15. 112.55 served as support in September and resistance in October, making it an important level.

4. After the fall in mid-October, there were 111.80 fewer digits. 111.50 captured the pair in August

5. At the end of July 110.60, the swing was low and then again at the end of August. At the end of August, the 109.70 swing was low and offers additional support under 110 levels.

6. In mid-July, there was a cushion of 109.35. 108.70 Soon there was a cushion and at the end of May, the 108.10 swing was low.

7. At the lower level, we add the pair to 107.50 at the beginning of April and have a strong line.

Subscribe us for Free Forex Signals on Telegram Forex Channel

Source: ForexCrunch