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Technical analysis of USD/JPY for January 29, 2018


USD/JPY is expected to trade in a lower range as the key resistance is at 109.10. Though the pair rebounded from 108.25 (the low of January 26), it is still capped by the key resistance at 109.35 and the declining 50-period moving average. The relative strength index is below its neutrality level at 50 and lacks upward momentum.

To conclude, below 109.35, look for a further decline with targets at 108.35 and 108.00 in extension.

Alternatively, if the price moves in the opposite direction, a LONG position is recommended above 109.35 with a target of 109.55.

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: SELL, stop loss at 109.35, take profit at 108.35.

Resistance levels: 109.55, 109.80, and 110.15

Support levels: 108.35, 108.00, and 107.50.

The material has been provided by InstaForex Company -