There are
only a few more days until Christmas and then New Year’s Eve. The market has
calmed down considerably because most people are preparing for the holidays.
Despite all
that the USD/JPY pair is showing signs that it is preparing for a rally.
We should
watch carefully how the monthly bar will close, but if it does close the way it
looks like it will, as a third spinning top above the support at 110.50, then
the rally is inevitable.
The first
resistance to the upside is the zone around 113.75 – 114.00 followed by the zone around 114.80
- 115.20.
To the
downside the pair will meet serious support around 112.00 – 111.50 and it is doubtful it will break
out below it.
I fully agree with your assessment.
ReplyDeleteI'll watch those levels, thanks.
ReplyDeleteGood insight.
ReplyDeleteGood to know, thanks for sharing.
ReplyDeleteThanks for such an informative analysis.
ReplyDelete