Monday, December 5, 2016
USD/JPY: Possible trend reversal
The
Dollar versus the Yen has been rising steadily, but once it got to the 114.87
zone, it lost its bullish momentum. The pair has already visited the 114.87
level twice, as shown on the daily chart. If the prices bounces from the
current levels to the downside, then a double top pattern may develop. The
double top pattern is a bearish reversal pattern; therefore, the USD/JPY may
change direction to the downside. The MACD indicator is also showing us a
possible trend reversal, but it is too early, though to call a trend change. To
the downside, the 111.28 level may act as a support along with the 200 day EMA,
which is much lower around the 107.00 zone.
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Good point! I'll keep an eye on it.
ReplyDeleteI agree with your assessment.
ReplyDeleteExcellent Analysis! Thank you!
ReplyDeleteGood post!
ReplyDeleteValuable info, thank you.
ReplyDeleteGood tips.
ReplyDeleteThank you for the analysis i'll keep an eye on the currency.
ReplyDelete