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USDJPY poised into #NFP, but bear bias

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USDJPY poised into #NFP, but bear bias

To view the full USDJPY report with screencasts, click here

A rebound and stall Thursday at our 119.98 level (right at 119.97) , but we still see this as corrective after the significant erosion earlier this week through 118.86 chart support for a more bearish shift.

We look for a roll back lower into Friday and for a more negative theme into mid-January.

Short-term Outlook - Downside Risks:

  • We see a more negative tone with the bearish threat initially back to the recent low at 118.06, then to 117.58 and 116.82 retrace and chart targets.
  • Below here aims for 115.56/50/45.

What Changes This? Above 119.97/98 eases bear risks; through 120.75 signals a neutral tone, only shifting positive above 121.00. 

For Today:

  • We see a downside bias for 118.85/70; break here aims for 118.06.
  • But above 119.97/98 opens risk up to 120.43, maybe 120.75/83, which we would look to cap.

Daily USDJPY 

b2ap3_thumbnail_USDJPY1_20150109-064431_1.png

4 Hour USDJPY 

b2ap3_thumbnail_USDJPY2_20150109-064433_1.png

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Tagged in: FX NFP USD USDJPY Yen

Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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