InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    USD/JPY Trading Recommendations for 17th June 2016

    analytics57635f3719913.png

    Show full picture

    The price has formed a double bottom pattern with the neckline at the 104.50 level. We look to buy from here to play a rise to the double bottom exit potential of 105.30. Stop loss is close to the previous swing low of 103.75.

    The RSI has also crossed back above a previous strong support line showing signs of a potential recovery if it manages to hold above it. 105.30 is also a fibonacci retracement level of the recent move down.

    Trading recommendations:

    Entry now

    Take profit at 105.30

    Stop loss at 103.75


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree