Forecast for USD/JPY on February 7, 2019

USD/JPY

The Japanese yen is consolidating for the third day under the balance line indicator on the daily chart. Here there is a concentration of technical resistances: a high of January 18-25, in fact, the balance line on the daily, the Krusenstern line on H4.

Good performance is expected tomorrow in Japan: household spending for December may show an increase of 0.8% y/y, the balance of payments for December is predicted to be 1.52 trillion yen against 1.44 trillion in November, the Eco Watchers current economic assessment index January is expected to increase from 48.0 to 48.5. A signal of market readiness for further growth will be the price fixing above the Krusenstern line on a four-hour scale – 110.04. Then comes the hard work of overcoming the coincident trend lines and Krusenstern on a daily scale (110.37), after which growth is possible to 111.25.

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Source:: Forecast for USD/JPY on February 7, 2019

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