4 December 2017, 18:04
Dragan Drenjanin

USD/JPY : Under these resistances, a consolidation is likely

Date of analysis 04 December 17


  • Opinion Short Term Negative
  • Resistance 1 114.49JPY
  • Support 1 109.76JPY
  • Opinion Mid Term Bearish
  • Support 2 108.81JPY
  • Resistance 2 115.44JPY

Below 114.49 JPY the major trend remains bearish 109.76 JPY and then 108.81 JPY are in the line of sight. The surpassing of 114.49 JPY would cancel this anticipation and favor a recovery toward 115.44 JPY.

The MACD is negative and lower than its signal line. This configuration is damaging the cross perspectives. The RSI is not yet indicating an oversold situation, so a continuation of the fall is technically possible. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are more than the average volumes over the last 10 days.

The cross is oriented to the downside. It is under its 50-day moving average located at 112.81. The 20-day moving average (lower than the 50-day moving average) is maintaining the prices under medium-term sell pressure. Our first support is at 109.76 JPY and the next is at 108.81 JPY; the resistances, located at 114.49 JPY and at 115.44 JPY must be exceeded for the trend to undergo a reversal.
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