Forex Market: USD/JPY daily forecast

During Friday’s trading session USD/JPY traded within the range of 101.96-102.50 and closed at 102.19.

At 12:00 GMT today USD/JPY was gaining 0.16% for the day to trade at 102.36. The pair touched a daily high at 102.39 at 11:30 GMT.

Fundamental view

The index of pending home sales in the United States probably rose by 0.6% in March compared to February, when sales unexpectedly declined by 0.8%. This indicator shows activity in terms of signing contracts for purchases of existing single-family houses. Actual payments are made one to two months after the contract has been signed. The index was started in 2001 and its base value was set at 100 points. The index of pending sales is built on broad national sample covering about 20% of the transactions of existing home sales.

The National Association of Realtor’s (NAR) will announce the official index value at 14:00 GMT. A higher-than-projected gain will support greenback’s demand.

Technical view

According to Binary Tribune’s daily analysis, in case USD/JPY manages to breach the first resistance level at 102.47, it will probably continue up to test 102.76. In case the second key resistance is broken, the pair will probably attempt to advance to 103.01.

If USD/JPY manages to breach the first key support at 101.93, it will probably continue to slide and test 101.68. With this second key support broken, the movement to the downside will probably continue to 101.39.