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USD / JPY is trading below the 200 EMA and below the 21 SMA, confirming a bearish outlook for the upcoming sessions. Around 114.00, the Japanese yen has formed a double top which means that there is a possibility of a downward movement for the next few days.
The 200 SMA has now turned into a resistance for the Japanese yen. As USD/JPY continues to trade below 113.58, it is expected to continue to strengthen and fall to 8/8 Murray around 112.50.
On the other hand, a consolidation and a sharp break above the +1/8 murray located at 114.06 would mean that the yen has resumed weakness and could go as high as 115.62.
Our forecast for the next few hours for the yen is a consolidation below 113.58 (200 EMA). As long as USD/JPY trades below this zone, we will have an opportunity to sell with the targets at 112.80 and 112.50 (8/8). If the pair rebound off 5/8 of Murray, we could buy with targets at 114.06 (+1/8).
The market sentiment report for today, December 09, shows that there are 62.12% of operators who are selling the USD/JPY pair. This data provided a bullish sign in the medium term. Since the pair is trading below 200 EMA, a correctional movement to the support zone of 8/8 of a Murray is expected first.
The eagle indicator is generating a bullish signal, moving below the trend channel. The Japanese Yen could gain bullish strength in the next few days until reaching the support of 8/8 Murray around 112.50. If it manages to consolidate below 113.58 (200 EMA), then it could gain strength and a trade volume to fall to 112.50.
Support and Resistance Levels for December 09 - 10, 2021
Resistance (3) 114.50
Resistance (2) 114.06
Resistance (1) 113.64
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Support (1) 113.28
Support (2) 112.97
Support (3) 112.50
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A trading tip for USD/JPY on December 09 - 10, 2021
Sell below above 113.58 (200 EMA) with take profit at 112.97 and 112.50 (8/8), stop loss above 113.95.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
