MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

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.

Popular

Pages

Expert In

Name*


Message*

Technical analysis of USD/JPY for Feburary 07, 2017

USDJPYM30.png

USD/JPY is expected to trade with bullish bias. The technical picture of the pair is bullish above a bullish trendline which confirms a positive view. The upward momentum is further reinforced by its descending 20-period and 50-period moving averages, which play support roles and maintain the bullish bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum.

As long as the level of 111.55 works as resistance, look for a further upside towards 112.80 and even 113.25 in extension.

Recommendation:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 112.80 and the second one is at 113.25. In the alternative scenario, short positions are recommended with the first target at 111.15 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 110.80. The pivot point is at 111.55.

Resistance levels: 112.80, 113.25, and 113.60. Support levels: 111.15, 110.85, and 110.30.

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