Market Overview:
The Japanese yen is one of major currencies that can become stronger against the US dollar in this new 2016 year. Although, in a bigger time frame, it seems to be in a ranging condition, but on the intraday chart, the yen is strengthening against the greenback.
Economic Data:
Today, Japan will release its reports on the 30-y Bond Auction, and the United States will publish its data on Natural Gas Storage, Unemployment Claims, Challenger Job Cuts y/y. Amid these statistical reports, the USD/JPY pair could be moving in low to medium volatility today.
Technical Data:
Weekly Bias: ranging
Daily Bias: bearish (stronger yen)
Technical Levels:
Resistance 3: 118.81
Resistance 2: 118.58
Resistance 1: 118.35
Support 1: 118.06
Support 2: 117.83
Support 3: 117.60.
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