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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