Technical analysis of USD/JPY for January 15, 2018
January 15, 2018 7:22 am
Our first downside target which we predicted in the previous analysis has been hit. The pair is still under pressure below its declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is mixed with a bearish bias.
The U.S. dollar weakened further as the currency was sold on rising expectations of accelerating growth as well as monetary tightening outside of the U.S.
To conclude, as long as 111.45 is not surpassed, look for a further drop with targets at 110.85 and 110.45 in extension.
To conclude, as long as 111.45 is not surpassed, look for a further drop with targets at 110.85 and 110.45 in extension.
Alternatively, if the price moves in the opposite direction, a long position is recommended above 111.45 with a target of 110.45.
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 at 111.45, take profit at 110.45.
Resistance levels: 111.90, 112.35, and 112.55
Support levels: 110.45, 110.00, and 109.65.
The material has been provided by InstaForex Company – www.instaforex.com
Our first downside target which we predicted in the previous analysis has been hit. The pair is still under pressure below its declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is mixed with a bearish bias.
The U.S. dollar weakened further as the currency was sold on rising expectations of accelerating growth as well as monetary tightening outside of the U.S.
To conclude, as long as 111.45 is not surpassed, look for a further drop with targets at 110.85 and 110.45 in extension.
To conclude, as long as 111.45 is not surpassed, look for a further drop with targets at 110.85 and 110.45 in extension.
Alternatively, if the price moves in the opposite direction, a long position is recommended above 111.45 with a target of 110.45.
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 at 111.45, take profit at 110.45.
Resistance levels: 111.90, 112.35, and 112.55
Support levels: 110.45, 110.00, and 109.65.
The material has been provided by InstaForex Company – www.instaforex.com
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