07.07.201506:27 Forex Analysis & Reviews: Technical analysis of USD/JPY for July 07, 2015

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.

The pair has been moving towards lower highs and lower lows over past few days. In the four-hour chart, the pair fell and closed below the big consolidation pattern. The pair closed and was trading below 20Dsma 123.20. The double top was formed at 124.45. These were few bearish factors behind that.

The 20Wsma is found at 121.20 and 50Dsma at 122.20. At yesterday's session, the pair managed to close above 50Dsma. These are bullish factors.

Ahead of the FOMC meeting minutes release, USD is trading lower against JPY.

In the H1 and H4 charts, the price is trading below hourly moving averages.

Intraday resistance is seen at 122.85, 122.95, and 123.20. Intraday support is found at 122.60, 122.30, and 122.00. Until the pair closes below 123.20, bearish view remains in play. We recommend fresh buying only after the FOMC meeting minutes release.

If risky traders wish to start buying, it will be available above 123.30 with targets at 123.45, 123.60, and 123.90. Strong bullish momentum is expected above 124.00 towards the previous double top at 124.45.

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.