USD/JPY: Look For Buying Opportunity At 112.85/75
Jason Sen | Dec 02, 2016 04:15AM ET
USD/JPY could have topped at 114.82 in the short term at least, although we have no sell signal just yet. Holding below 114.00/96 targets 113.50/46, perhaps as far as 113.10/05 but look for an excellent buying opportunity on the day at 112.85/75. Longs need stops below 112.45.
Important 100 wma and 500 dma resistance at 114.75/85 is all that matters to bulls today. They need a WEEKLY close tonight through 115.00 therefore to keep the bull trend going, targeting important longer term Fibonacci resistance at 115.60/65 in to next week.
Shorts in a bull trend are never a good idea but this is the best chance of a high for the rally at this stage. Obviously a weekly close above here would be a buy signal for further gains in to next week.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.