USD JPY Technical Analysis 7 December 2020
USD JPY Technical Analysis: The USD rose 0.34% against the JPY on Friday and closed at 104.18. Today in the Asian session, while USD JPY technical Analysis 7 December 2020 is preparing at 4:45 GMT, the USD/JPY trading at 104.24, which is 0.05% higher against JPY from yesterday’s close.
The pair is expected to find support at 103.85. And a fall through could take it to the next support level of 103.67 The pair is expected to find its first resistance at 104.37, and a rise through could take it to the next resistance level of 104.55. Today’s expected trading range is between 103.50, support and 104.75 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 103.85
Support 2: 103.67
Support 3: 103.50
Important resistance levels:
Resistance 1: 104.37
Resistance 2: 104.55
Resistance 3: 104.75
USD/JPY buying opportunity for intraday trading on December 7, 2020
Buy near the support zones 103.85 and 103.67 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.
USD/JPY selling opportunity for intraday trading on December 7, 2020
Sell near the resistance zones 104.37 and 104.55 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.