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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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USDJPY technical analysis for December 7, 2015

USD/JPY continues to trade inside a trading range. The trend remains neutral. Traders should be very cautious and only open positions near the boundaries of the trading range.

USDJPY.jpg

Blue lines - sideways channel

The price is trading around the 4-hour Ichimoku cloud and sideways. The price is trapped inside a trading range of 122.20-124. Traders should be very cautious trading this pair and should use the boundaries of the channel as reverse stop levels.

USDJPY2.jpg

Dark blue lines - triangle pattern

A longer-term outlook of the USD/JPY pair shows a triangle pattern being formed. This is another reason why traders should avoid trading this pair as we are in the price zone where risk reward for long or short positions. It is preferred to wait for a breakout and then open a position.

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