XM - Analytics


567.50 7.00/10
70% of positive reviews

Technical Analysis – USDJPY consolidates around 123.00, bullish bias remains

USDJPY has a neutral bias in the near-term, trading in a range between 122.21 and 123.74. After a rise from 118.05 to 123.74 (October to November), the pair has been consolidating just above the 23.6% Fibonacci retracement level of this rise, at 122.40. This is an important support level.

The medium-term bias remains bullish after the rally from 118.05, as long as the market remains above the 200-day moving average and above the Ichimoku cloud. Tenkan-sen and kijun-sen are positively aligned. Also, RSI remains in bullish territory above 50. The failure to fall below 118.00 and a decisive break above the key 120.00 level keeps the bullish market structure.

Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.

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