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Technical analysis of USD/JPY for June 06, 2017

USDJPYM30.png

USD/JPY remains under pressure below its key resistance at 110.35, and is likely to post new weaknesses. Both the 20-period and 50-period moving averages are turning down, and call for further downsides. In addition, the relative strength index is mixed to bearish below its neutrality area at 50.

In which case, as long as 110.35 is not surpassed, the risk of the break below 109.00 remains high.

The pair moved as predicted yesterday and all our targets were hit. At present, the pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short position is recommended with the first target at 109.00. A break below this target will move the pair further downwards to 108.70. The pivot point stands at 110.35. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 110.80 and the second one at 111.00.

Graph Explanation: Black line shows the pivot point, present price above pivot point indicates the bullish position and below pivot points indicates the short position. Red lines shows the support levels and green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: SELL at highs, Stop Loss: 110.35, Take Profit: 109.00

Resistance levels: 110.80, 111.00, and 111.55

Support levels: 109.00, 108.70, and 111.55

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