USD/JPY traded in extended narrow consolidation

15 December, 2016

The BoJ published better-than-expected Tankan Large Manufacturing index on Wednesday and Foreign bond investment in early trades on Thursday.

Current situation

The pair traded in extended narrow consolidation under fresh high at 116.11 on Wednesday. The US dollar was unmoved staying in a tight range during the day. The 4 hours chart showed that the price hovered above the moving averages. The 50, 100 and 200 EMAs pointed higher. The resistance is highlighted at 116.00, the support comes in at 115.00.

MACD decreased which indicates the buyers’ positions weakening. RSI left the overbought readings and headed south.

Trading recommendations

A fresh buying interest will send the USD/JPY pair towards the recent highs at 116.11. A cut here will open the way towards 116.50. We do not rule out a pull back to 114.00.


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