Technical analysis for the USDJPY on 25.11.2015

0

The USDJPY: downside correction was held back by 122.25 support

usdjpy5

Bears have pushed the price into the range of 122.25 support for the second time in the last two weeks. The price approached the barrier at low volumes, which indicates weakening of the downside correction.

Trading is currently carried out within the short-term descending channel (dashed lines). As long as the channel remains intact, correction down will continue.

Correction down will continue if price breaks and holds below the key support at 122.25. Potential correction target is situated at 121.50.

Alternative scenario:    

The breakout of the descending channel’s upper border at 122.75 will allow bulls to reverse the downside correction up. Medium-term bullish trend will recommence. The main growth targets will be found at 123.25, 123.60.

 

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

Share.

About Author

Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.