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USD/JPY: Technical Analysis As On 01-02-2016
Home / USD/JPY: Technical Analysis As On 01-02-2016

 
The daily candlestick closure below 121.25 hinders further bearish trend and enhances the bullish side of the market from the level of 121.25 till 121.55.
 
USD/JPY has been trading upward in H1, H4 and D1 graph. The recent daily candlesticks are also showing a bullish trend of the market according to the daily time frame.
 
This pair is enhancing the bullish trend of the market. This enhances the upward trend and this continuation is expected even today from 121.25 to 121.55.  So, it is a profitable zone. 
 
RSI and Bollinger Bands in H1, H4 and D1 graph Even Parabolic SAR also showing bullish trend of the market.
 
SMA 30, SMA 50 and SMA100 are shuffling but representing that market will move into upward trend. So, Selling looks risky.
 
The RSI of last 7 days was shuffling but now the RSI will divert into buying area. So, it will move into bullish trend according to my prediction.
 
Trading Recommendations: 
 
Buy: 121.25, Take Profit 121.55, Stop Loss 120.95, and Break out sell 120.90
 
Support Levels:
 
S1 121.19
S2 121.14
S3 121.09
 
Pivot Point     (121.24)
 
Resistance Level:
 
R1 121.30
R2 121.34
R3 121.40

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