02.12.201511:51 Forex Analysis & Reviews: USDJPY technical analysis for December 2, 2015

Long-term review

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The USD/JPY pair is trading sideways inside a trading range between 122.20 and 123,70. The short-term trend is neutral as prices move sideways and therefore traders should be patient.

Blue lines - neutral channel

The USD/JPY pair is trapped inside the trading range. There is no clear direction as prices are moving sideways. A trend is neutral. Traders should better be patient and wait for a confirmed breakout of the range before opening a position.

Blue line - long-term resistance

Although the USD/JPY pair is above the Ichimoku cloud and above the kijun-sen indicator, the price is very close to the downward sloping blue trend-line resistance. This resistance is seen at 124.20 and is declining. A new final high cannot be ruled out as the price remains supported above 122.20.

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