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    Forecast of USD/JPY for Febraury 04 , 2015

    The US dollar slips against most major currencies. The Greek hopes weigh against the US dollar. The US economic data are disappointing as well. The US factory orders fell sharply. Now, the focus has shifted to today's ADP non-farm payroll. The pair has been consolidating still in the tight range as we discussed in our earlier reports. The pair has the nearest resistance at 118.00 and 118.15. The prices are trading within a triangle on the h4 chart. In case if the prices manage to give an upside breakout, the pair can face a challenge towards 120.50. The prices are closed and trading below the hourly moving averages. The prices are likely to form a triangle pattern. The support base exists at 115.50 and 115.00. The weekly support exists at 115.00 or 20Wsma. In case if the pair closes below 115.00, we can confirm the broadening top in the near and medium term. The rate hike favors the US dollar. The policy makers have repeatedly announced their plan to raise interest rates during 2015. The pair closed and is trading below 50Dsma or 118.70. In case the pair closes above 118.85, it can face a challenge at 119.90 and 120.50. In intraday, the weakness will hit the pair if the prices break below 116.90.

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