For Traders

Analytical Reviews

Technical analysis

23.02.201811:10 Forex Analysis & Reviews: Daily analysis of USD/JPY for February 23, 2018

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

The USD/JPY pair traded with clear negativity yesterday to settle below 23.6% Fibonacci correction level for the decline from 113.37 to 105.54, which puts the price under negative pressure that might return trades to the main bearish trend again. However, on the other hand, stochastic shows clear positive signals that might help the price recover and show more bullish correction, especially that the price is still out of the main bearish channel that appears on the chart. Therefore, we prefer to stay aside until we get a clearer signal for the next trend. A breach of 107.40 will make the price resume the correctional bullish track with the next target located at 108.53. A break of 106.30 represents the key to returning to the main bearish trend with its main targets beginning at 105.54. The expected trading range for today is between the 106.00 support and the 107.70 resistance.

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.