Technical analysis of USD/JPY for July 13, 2017

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Our targets which we determined in yesterday's analysis have been hit. The pair is trading above its declining 50-period moving average, which is playing a support role. The RSI is above its neutrality level at 50. In addition, 113.10 is playing a key support role, which should limit the downside potential.

Alternatively, if the price moves in the opposite direction than predicted, a downside position is recommended above 113.10 with a target at 112.80.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position while the price below the pivot point is a sign for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy : BUY , Stop Loss: 114, Take Profit: 114.90

Resistance levels: 113.70, 113.95, and 114.20

Support levels: 112.80,112.60, and 112.40

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