USDJPY Daily Outlook for 11th December, 2013 (Wednesday)
USDJPY Daily Outlook for 11th December, 2013 (Wednesday)
Daily Chart
"Bearish engulfing candle"
We have broken out of the steep trend line, and price action formed from yesterday produced a bearish engulfing candle. On top of that, we have touched previous week high producing a double top. Our outlook for this pair is bearish for the short term.
- Divergence in both stochastics and Rsi
- Bearish engulfing candle
- Double Top
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Hourly Chart
"Diverging and looks appealing to the downside"
Yesterday was great short from the previous week high producing a double top formation and falling out of the trend line. The downside looks promising with the momentum.
- Diverging
- Double Topped
- Broke out of trendline
- A clear break down from 102.550 will have 102.00 as next area to test support
Outlook Trade opportunity
Bearish now so we will go with the flow, Looking for price to retrace to around 102.980 - 103.00, and will short from thereTP 1 - Yesterdays S3 / low area
TP2 - Set Stops at B.E and see if it can break through 102.50
Risk Level LOW
Tips -
Always take note of any economical news event on our provided calender below
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