27.12.201317:59 Forex Analysis & Reviews: Technical analysis of USD/JPY for December 27, 2013

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.

Overview:
USD/JPY is trading with bullish bias. The break above 104.45 is a positive signal that has opened a path to 105.15. Daily chart is positive-biased as MACD and stochastics are turned bullish; five- and 15-day moving averages are advancing.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 105.15 and the second target at 105.45 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 104.1.The breach of this target will move the pair further downwards and one may expect the second target at 103.75. The pivot point stands at 104.45.

Resistance levels:
105.15
105.45
105.85
Support levels:
104.1
103.75
103.3

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.