USD/JPY Technicals 12/17/2017









Market Analysis

Market Analysis provided by A Teen Trader should be used for a education purposed only, trade what you are willing to lose 

USD/JPY

Daily Time Frame

Technicals:

Looking at the current state of the USD we have had major selling pressure due to news in the past week, but on Friday we had a nice bullish engulfing rejection candle that rejected a daily support zone. What we could see is a move back up to resistance, if the news that comes out this week (like GDP) is positive results. If those results are negative, we could expect a move back to the daily support or a break and drop to the further daily zone at 111.00.

4h Time Frame

Technicals:

On the 4h time frame, as you can see we rejected the daily support perfectly. As we look at this chart though, we see that we pushed straight to a resistance before market close. Another thing to look at is the EMA we could be simply having a 50 ema retest. Due to us being at a resistance and did not break it before the market closed, where the market opens will be very important. If we see the market open tonight (December 17, 2017) open above the resistance we could expect a retest and continuation of the upward momentum of Friday. If we open below, looking for a retest (gap fill) to the resistance and having a rejection confirmation, we could then happily take sells back to the daily support zone and potentially further. Please note that we are coming to the end of the year, which means that volume will start to die down due to people beginning to go on holiday. Trade smart and Happy Trading!

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