Currency pair USD JPY continued strong growth in the current trading week and were able to update the local maximum region. At the moment, it is not necessary to try to expand the pair on smaller time frames we have seen an attempt of formation of topping FX models, but none of them has been worked out by the market.
USD JPY Forecast on December 12, 2016 — December 16, 2016
This may indicate the development of a very strong trend and not a desire to leave the pair in the correction. At the moment, the value of the indicator of relative strength is tested tightly pierced the support line, we should expect a rebound from the current levels and the breakdown region 115.70 closing price, this option point to continued growth in the region above the level of 120. Only consider selling at the time of formation of topping models at shorter periods intervals with the confirmation in the form of breaking through the important levels.
Among the important events in the next trading week, 12 – 16 December 2016, which could have a strong impact on the Japanese yen, we should mention, the publication of data on the index of TANKAN, which will be presented to the market December 14, 2016.
USD JPY Forecast on December 12, 2016 — December 16, 2016 suggests an attempt to continue the development of an upward trend in the rebound from the support area for the purpose of the breakdown region and a potential target 115.70 rises above level 120.
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