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Technical analysis and trading recommendation of USD/JPY for May 12, 2015

The USD has been softening in the recent days. USD is trading higher against JPY. The recent USD rally against JPY, CAD, SGD, and CHF failed the bullish view in the near term. We have been recommending buying with sl 118.00 later moved the TSL at 118.40 now stood at 118.50 100DEMA. The pair managed to close above all the moving averages at all-time intervals. The pair is likely to make a double bottom at 118.30 and changed direction. We expect the pair to aim 120.50, 120.75, and 121.00 in the near term. We expect a daily close above 121.00; bulls will target fresh new highs at 122.00 and 122.60. For an intraday view, we recommend buying above 120.30 with the immediate target at 120.50, later at120.80 and 121.00/121.10. Support is found at 119.90 50Dsma.

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Uitgevoerd door, Analytische expert
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