news 6000 » USD/JPY technical analysis for December 4, 2015

USD/JPY technical analysis for December 4, 2015

The USD/JPY pair made a triple top in the area of 123.70-123.90 and got rejected yesterday. The trend remains neutral as the price continues to trade inside the trading range of 122.20-124.

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Dark blue line – long-term resistance

Blue parallel lines – price channel

USD/JPY continues to trade inside the sideways neutral channel between 122.20 and 124. The price remains above the Ichimoku cloud and above the kijun-sen (yellow indicator) support. Breaking below the support area of 122.20-122 will open the way to a deeper correction towards 120.50.Strong resistance is seen at 124.

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Blue lines – triangle patterns

The USDJPY is very common to produce triangle patterns over the last couple of years. The long-term trend remains bullish as price in the weekly chart remains above the Ichimoku cloud. Weekly cloud support is found at 121.50. Another triangle pattern could be forming. A breakout above 124 can open the way for a final leg up towards 130.

The material has been provided by InstaForex Company – www.instaforex.com


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