Analytical Reviews

Forexmart's analytical reviews provide up-to-date technical information about the financial market. These reports range from stock trends, to financial forecasts, to global economy reports, and political news that impact the market.

December 28, 2017 06:25 am

USD/JPY Technical Analysis: December 28, 2017

It is suggested that the American should resume its rally versus the Japanese yen within a specified time and also in case of the bullish sentiment by stock markets. This usually pushes the markets towards a higher position. The USD/JPY and the S&P 500 had a special correlation which should be kept in mind.

The market would likely keep on offering value on dips and even a break down under the 113 handle might provide a lot of support at the 112 level below. This level seems to be supportive since it was based on the 50% Fibonacci retracement level of the recent trend.

At some point, the 115 handle above will break which could be a remarkably bullish sing. As of this writing, the longer-term trend could possibly prevail which would cause buyers to jump into the market while holding their respective position for a huge trend towards the 120 handle.

Based on assumptions, the volume is necessary to return in order for the market to become stable. Therefore, it is important to expect for further noise in the next trading sessions and it is advised to maintain a small position size.

Ultimately, the market will remain bullish which is a probable argument in January but not this week. Traders could start building up a small little bit of their position with an expectation for an upside move. A “buy-and-hold” market is believed to arise earlier next year.

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