Technical analysis of USD/JPY for December 01, 2017

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All our upside targets which we predicted in yesterday's analysis have been hit. The pair posted a strong rebound after marking a low of 111.71 overnight (November 30). Currently, it is trading at levels above the key support at 112.20 while being supported by the ascending 50-period moving average. The relative strength index is around the neutrality level of 50, showing a lack of momentum toward either direction. As long as the key support at 112.20 is not breached, the intraday outlook remains bullish, and the pair still stands chances of rising toward the first upside target at 113.00.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.20 with a target of 113.00.

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 signal 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: 112.20, Take Profit: 113.00

Resistance levels: 113.00, 113.25 and 113.60 Support Levels: 111.70, 111.30, 111.00

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