Technical analysis USDJPY for 07.12.2021

The Tenkan-sen line is located above the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 114.000. The closest support and resistance levels are Tenkan-se and Kijun-sen, respectively

Key levels

• 115.500, 114.500, 114.000, 113.050, 112.300, 111.500

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 114.500, with Take Profit of 115.500 and Stop Loss of 114.000

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 112.300, with Take Profit of 111.500 and Stop Loss of 113.050