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23.11.201521:08 Forex Analysis & Reviews: Daily analysis of USD/JPY for November 24, 2015

Long-term review

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Yesterday, the index had tested the key psychological zone of 100.00. Later, it made a pullback across the level of 99.80. Currently, our view is strengthening with the bullish bias, as the USDX will try to make another push higher across the resistance level of 100.24. Under another scenario, if the USDX extends the pullback at current levels, then it could fall until the level of 99.25 where the 200 SMA is located.

H1 chart's resistance levels: 99.80 / 100.24

H1 chart's support levels: 99.25 / 98.82

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 99.80, take profit is at 100.24, and stop loss is at 99.37.

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