Technical analysis of USD/JPY for February 2, 2018 888011000 110888 Our very first upside target which we predicted in the previous analysis has actually been struck. USD/JPY is expected to trade with a Bullish predisposition above 109.20. In spite of the recent pullback from 109.75 (the high of February 1), a support base at 109.20 has formed and has enabled a temporary stabilization. The relative strength index does not have down momentum. The U.S. dollar saw its drop resume regardless of increasing Treasury yields, as investors focused on the eurozone’s financial strength. For that reason, as long as 109.20 is not broken, look for a more upside with targets at 110.10 and 110.35 in extension. Alternatively, if the rate moves in the opposite direction, a Brief position is recommended to be below 109.20 with a target of 108.85. Chart Description: The black line shows the pivot point. The present price above the pivot point shows a bullish position, while the cost below the pivot point is a signal for a short position.The red lines show the assistance levels, and the green line shows the resistance level. These levels can be utilizedto go into and leave trades.Strategy: BUY, stop loss at 109.20, take profit at 110.10. Resistance levels: 110.10, 110.35, and 110.65 Support levels: 108.85, 108.65, and 108.30. The product has been supplied by InstaForex

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