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Forex Analysis: 11 Jan 2017, 07:51 UTC+00

Technical analysis of USD/JPY for January 11, 2017

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USD/JPY is expected to trade with a bearish bias as the key resistance is kept at 116.30. The pair remains under pressure below its nearest key resistance at 116.30, and is likely to post a new pullback. The 50-period moving average is still on the downside, which should confirm a negative outlook. Furthermore, the relative strength index lacks upward momentum.

Hence, as long as 116.30 is not surpassed, look for further downsides to 115.60 and 115.25 in extension.

Recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 115.60. A break below this target will move the pair further downwards to 115.25. The pivot point stands at 116.30. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 116.75 and the second one at 117.10.

Resistance levels: 116.75, 117.10, 117.45

Support levels: 115.60, 115.25 114.70


Performed by
analytical expert: Ahsan Aslam
InstaForex Group © 2007-2017
 Published: 11 Jan 2017, 07:51 UTC+00

 
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