Technical analysis of USD/JPY for October 05, 2017
October 5, 2017 6:26 am
USD/JPY is expected to trade with a bullish bias above 112.50. The pair posted a rebound from 112.30 (the low of Oct. 4) and broke above its 20-period and 50-period moving averages. The relative strength index is above its neutrality level at 50 and lacks downward momentum.
To conclude, as long as 112.50 is not broken, look for a further rebound with targets at 113.20 and 113.50 in extension.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.50 with a target at 112.30.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 112.50, Take Profit: 113.20
Resistance levels: 113.20, 113.50 and 113.75 Support Levels: 112.30, 112.05, 111.75
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
USD/JPY is expected to trade with a bullish bias above 112.50. The pair posted a rebound from 112.30 (the low of Oct. 4) and broke above its 20-period and 50-period moving averages. The relative strength index is above its neutrality level at 50 and lacks downward momentum.
To conclude, as long as 112.50 is not broken, look for a further rebound with targets at 113.20 and 113.50 in extension.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.50 with a target at 112.30.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 112.50, Take Profit: 113.20
Resistance levels: 113.20, 113.50 and 113.75 Support Levels: 112.30, 112.05, 111.75
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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