04.10.201707:23 Forex Analysis & Reviews: Technical analysis of USD/JPY for October 04, 2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USD/JPY is under pressure. The pair is capped by a bearish trend line since Oct. 3, which confirmed a negative outlook. The bearish cross between 20-period (30-minute period) and 50-period moving averages has been identified. The relative strength index lacks upward momentum.

To conclude, as long as 112.95 is not surpassed, look for a return to 112.30 and even to 112.05 in extension.

Alternatively, if the price moves in the opposite direction, a long position is recommended above 112.95 with a target at 113.20.

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: 112.95, Take Profit: 112.30

Resistance levels: 113.20, 113.50 and 113.75 Support Levels: 112.30, 112.05, 111.75

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.