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FxGrow Daily Technical Analysis – 03rd Dec, 2015
By FxGrow Research & Analysis Team
USDJPY - another attempt of breaking above consolidation upper limit
Since a month USDJPY moves in a consolidation between 122.20 - 123.60, yesterday we saw an unsuccessful attempt of breaking above consolidation upper limit. That breakout may occur today, after ECB meeting or tomorrow after Non-farm Payrolls. If upper limit of consolidation breaks, next resistances will be seen near: 124.40, 125.10. Alternatively if price moves down next supports will be at levels: 121.40, 120.30, 118.80.
In a long term, since 2012 USDJPY moves in an uptrend. However since six months we did not see a new high. It is possible that the correction is coming to an end which is currently more likely than trend reversal. Breaking above year-to-date high (125.85) will signal that price returned to an uptrend.
For more in depth Research & Analysis please visit FxGrowhttps://secure.fxgrow.com/b.php?cid...yb3cuY29tL3Byb21vX2RldGFpbHMucGhwP2Fkc19pZD02.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
By FxGrow Research & Analysis Team
USDJPY - another attempt of breaking above consolidation upper limit
Since a month USDJPY moves in a consolidation between 122.20 - 123.60, yesterday we saw an unsuccessful attempt of breaking above consolidation upper limit. That breakout may occur today, after ECB meeting or tomorrow after Non-farm Payrolls. If upper limit of consolidation breaks, next resistances will be seen near: 124.40, 125.10. Alternatively if price moves down next supports will be at levels: 121.40, 120.30, 118.80.
In a long term, since 2012 USDJPY moves in an uptrend. However since six months we did not see a new high. It is possible that the correction is coming to an end which is currently more likely than trend reversal. Breaking above year-to-date high (125.85) will signal that price returned to an uptrend.
For more in depth Research & Analysis please visit FxGrowhttps://secure.fxgrow.com/b.php?cid...yb3cuY29tL3Byb21vX2RldGFpbHMucGhwP2Fkc19pZD02.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.