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20.09.201708:39 Forex Analysis & Reviews: Technical analysis of USD/JPY for September 20, 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.

Exchange Rates 20.09.2017 analysis

USD/JPY is expected to trade with a bullish bias above 111.20. The pair is consolidating above the key support at 111.20 (the low of September 19), which should limit the downside potential. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Hence, above 111.20, expect a rebound to 111.85. A break above this level would trigger a new rise to 112.10.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 111.20 with a target at 110.95.

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

Strategy: BUY, Stop Loss: 111.20, Take Profit: 111.85

Resistance levels: 111.85, 112.10 and 112.40 Support Levels: 110.95, 110.60, 110.20

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