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USD/JPY: review and forecast

FX:USDJPY   U.S. Dollar / Japanese Yen
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Current trend

Having opened this trading day with a growth, the US Dollar started declining in the European session. However, later on, an upward dynamics resumed. The American currency is strengthening amid a fall in oil and precious metals prices.

Recently, BOJ Governor stated the Regulator might continue easing monetary policy to stimulate wage growth in Japan. The next BOJ meeting is due on 17-18 December, while the Fed announces its interest rate decision on 16 December.

Support and resistance

After a growth at the opening of the trading day, the USD/JPY pair has started declining towards the support level of 121.50 (Fibonacci 50.0%) during the European session.
However, when the correction ends and OsMA and Stochastic indicators on the daily chart turn up, the pair is likely to resume its growth within an upward channel on the daily chart .

Support levels: 121.50, 121.35.
Resistance levels: 122.00, 122.30, 122.50.

Trading tips

Long positions can be opened from the level of 122.10 with targets at 122.50, 123.00, 123.50, 123.70, 124.00, 124.50 and stop-loss at 121.80.
Short positions can be opened from the level of 121.25 with targets at 121.00, 120.70 and stop-loss at 121.55.

Comments

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