Technical analysis of USD/JPY for December 21, 201… 21.12.2017

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The USD/JPY pair as expected is breaking higher. I continue to expect that price will eventually reach 115 over the coming weeks. Trend here is bullish. I’m a buyer at pull backs.

Exchange Rates 21.12.2017 analysis
Price has reversed higher off the 50% Fibonacci retracement in the Daily chart and is breaking above the Ichimoku cloud resistance. Trend is bullish. Daily support is at 113. Resistance is at 113.90.
Exchange Rates 21.12.2017 analysis
The USD/JPY pair is respecting weekly cloud support. Price back tested the weekly Kumo (cloud) and is now bouncing higher above previous week’s highs. Trend is clearly bullish and I expect 115 to be reached soon. My bullish view can only be canceled on a break below 111.50.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2017

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