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    Technical analysis of USDX & USD/JPY for June 05, 2015

    The USDX rebounded from the intraday lows managed to close above 100Dema after the surprising jobs data report. In the week ending May 30, seasonally adjusted initial jobless claims hit 276,000, printing a decrease of 8,000 against the previous week's revised level.

    The USDX probably made a double bottom at 94.65 in the four-hour chart. The resistance is seen at 95.90 and 96.05. Buying will emerge above 96.10 with targets at 96.25,96.50-96.65. The strong resistance zone is seen between 96.65 and 96.75 (previous swing low). If bulls close above 96.75 today, they will extend the rally towards multi-day resistance at 97.80. A daily close below 95.00 leads to another leg down towards 94.00 and 93.15. Today, bulls must close above 96.25. In case they fail, we will see a new low of 92.00 in the days to come. In the hourly chart, the Index managed to breached the falling bearish channel. The upper descending trendline is acting as support now. Intraday support is found at 95.50 and 95.30.

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    USD/JPY

    The pair extended its bullish note at yesterday's session with the double bottom placed at 123.78 (a higher high). The pair opened on a bullish note today. In the hourly chart, the pair gave a break of descending triangle. The trading pattern is framed between 124.68 and 123.76. Intraday resistance is seen at 124.70, 124.95, and 125.05. Support is found at 124.20, 124.00, and 123.65. Fresh buying is available above 124.70 with small targets at 124.90 and 125.05. In case bulls sustain above 124.90, they will extend the rally towards 125.30. Risky selling is available below 123.90 with targets at 123.75 and 123.65. Safe selling is available below 123.60 towards 123.35, 123.00, and 122.80.

    USDJPYH1.png

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