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    Technical analysis for the USDJPY on 23.11.2015

    The USDJPY is expected to test strong resistance at 123.60

    usdjpy3

    Two previous bullish attempts to break above 123.60 resistance failed. Today we expect the third test of this barrier.

    The 123.60 resistance test will most likely occur at 18.00, during the release of existing home sales data in the United States.

    If bulls manage to break and hold above the 123.60 resistance amid the news, medium-term bullish trend will continue. The closest growth target will be situated at the round 124.00 mark.

    Alternative scenario:

    The breakout of 122.70 support, on the other hand, will be a signal for the reversal down for correction. The breakout will open the way to the last week’s low at 122.25.

     

    Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

    The USDJPY is expected to test strong resistance at 123.60

    usdjpy3

    Two previous bullish attempts to break above 123.60 resistance failed. Today we expect the third test of this barrier.

    The 123.60 resistance test will most likely occur at 18.00, during the release of existing home sales data in the United States.

    If bulls manage to break and hold above the 123.60 resistance amid the news, medium-term bullish trend will continue. The closest growth target will be situated at the round 124.00 mark.

    Alternative scenario:

    The breakout of 122.70 support, on the other hand, will be a signal for the reversal down for correction. The breakout will open the way to the last week’s low at 122.25.

     

    Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!


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