Forex Market: NOK/JPY daily forecast

During yesterday’s trading session NOK/JPY traded within the range of 17.1550-17.2800 and closed at 17.1850.

At 7:04 GMT today NOK/JPY was losing 0.12% for the day to trade at 17.1800. The pair touched a daily low at 17.1650 during the early phase of Asian trade.

Fundamental view

At 8:00 GMT Statistics Norway is to report on nations trade balance during April. The surplus on Norway’s trade balance was 31.41 billion NOK during March. As an indicator the trade balance reflects the difference in value between exported and imported goods during the respective period. The External Merchandise Trade encompasses crude oil, natural gas, as well as ships and oil platforms alongside “traditional goods”. Export demand has a direct link to demand for the national currency and also causes an impact on levels of production. In case Norway’s trade balance surplus expanded more than projected in April, this would have a bullish effect on the krone.

Technical view

According to Binary Tribune’s daily analysis, in case NOK/JPY manages to breach the first resistance level at 17.2583, it will probably continue up to test 17.3317. In case the second key resistance is broken, the pair will probably attempt to advance to 17.3833.

If NOK/JPY manages to breach the first key support at 17.1333, it will probably continue to slide and test 17.0817. With this second key support broken, the movement to the downside will probably continue to 17.0083.