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    Technical analysis of USD/JPY for March 01, 2016 2016-03-01

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    USD/JPY is trading with a bearish bias. The pair has reversed downward following a bearish head & shoulders pattern and remains on the downside. The 20-period moving average stays below its 50-period one, while the relative strength index has broken down its 30 level. The first target to the downside is therefore set at the horizontal support and overlap at 111.95. A break below this level would open the way to further weakness toward 111.30 in extension.

    Trading Recommendation:

    The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 111.95. A break of this target will move the pair further downwards to 111.30. The pivot point stands at 113.20. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 114 and the second target at 114.50.

    Resistance levels: 114, 114.50, 115

    Support levels: 111.95, 111.30, 111.00


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