For Traders

Analytical Reviews

Technical analysis

23.06.201714:42 Forex Analysis & Reviews: Technical analysis of USD/JPY for June 23, 2017

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.

We will retain our yesterday's target of USD/JPY. Although the pair posted a rebound and broke above the 50-period moving average, it is still trading below the key resistance at 111.45 (the low of June 22), which should limit the upside potential. The relative strength index is mixed with bearish bias.

Hence, as long as 111.45 is not surpassed, look for a further drop to 110.80 and even to 110.60 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a long position is recommended above 111.45 with targets at 111.75 and 112.10.

Chart Explanation: The black line shows the pivot point. The present price above pivot point indicates the bullish position while the price below pivot point indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy : BUY, Stop Loss: 111.15, Take Profit: 112.10

Resistance levels: 111.75, 112.10, and 112.50

Support levels: 110.85,110.60, and 110.35

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.