For Traders

Analytical Reviews

Technical analysis

29.04.201609:43 Forex Analysis & Reviews: Technical analysis of USD/JPY for April 29, 2016

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.

Technical outlook and chart setups:

The USD/JPY weekly chart is presented here to view a larger picture. Please note that the rally from 75.00 through 125.00 levels unfolded into 5 waves. The drop after that is expected to find support at 106.60/70 levels, which is the Fibonacci 0.382 support (of the entire rally from 75.00 levels). A bullish bounce from 106.70 levels would confirm that the first wave (with in 3 wave drop) is completed. A corrective rally should then unfold towards 115.00/117.00 levels before dropping lower again. It is hence recommended to remain flat for now and wait for a bullish reversal to initiate long positions. Immediate support is seen at 106.70 levels, while resistance is seen through 112.05 levels respectively.

Trading recommendations:

Remain flat for now, looking to go long again on a bullish bounce.

Good luck!

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.