USDJPY Analysis 25/11/14

FX:USDJPY   U.S. Dollar / Japanese Yen
88 0 0
Long term trend: Up
Medium term trend: Up
Significant levels: 110.00 (Significant Round Number), 114.70 (Horizontal Support), 117.90 (Horizontal Resistance)

This pair has nowhere to go but up. As of writing, the price is sitting at the resistance area . As the price is at the resistance, we cannot trade this pair right now. That is because we are bullish with this currency pair and our trade should be in the Long side. We don't want to place a Long trade at the resistance level . Though we know that the price is just going up (for now), we do not want to place a trade immediately. What we want to see here is a retracement that we could trade.

There is a pennant that is currently forming near the resistance. For those traders who want to take advantage of this pennant , you could place a Long trade right now, before the price continue its move up. But then again, that's not a preferable situation. We prefer the price to go down (retrace) and from there, we could place our Long trade.

Trade well.
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