Technical analysis of USD/JPY for December 12, 2017
December 12, 2017 11:21 am
USD/JPY is expected to trade with a bearish outlook. The pair is posting a rebound from a low of 113.21 seen yesterday (December 11), but remains capped by the key resistance at 114.00 (around the high of yesterday). The relative strength index has returned to levels above the neutrality level of 50, indicating upward momentum which could help extend the rebound for a while. However, as long as the key resistance at 114.00 is not surpassed, the pair stands higher chances of returning to 113.10 and 112.80 on the downside.
Alternatively, if the price moves in the opposite direction, a long position is recommended above 114.00 with a target of 114.20.
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: 114.00, Take Profit: 113.10
Resistance levels: 114.20, 114.55 and 114.80 Support Levels: 113.10, 112.80, 112.50
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY is expected to trade with a bearish outlook. The pair is posting a rebound from a low of 113.21 seen yesterday (December 11), but remains capped by the key resistance at 114.00 (around the high of yesterday). The relative strength index has returned to levels above the neutrality level of 50, indicating upward momentum which could help extend the rebound for a while. However, as long as the key resistance at 114.00 is not surpassed, the pair stands higher chances of returning to 113.10 and 112.80 on the downside.
Alternatively, if the price moves in the opposite direction, a long position is recommended above 114.00 with a target of 114.20.
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: 114.00, Take Profit: 113.10
Resistance levels: 114.20, 114.55 and 114.80 Support Levels: 113.10, 112.80, 112.50
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: