Technical analysis USDJPY for 08.12.2021

The Tenkan-sen line is located above the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span crossed and fixed above the price chart. In this case, the cloud is descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest support is the level 112.75. The closest resistance is the level 113.35

Key levels

• 115.50, 114.85, 114.45, 113.75, 113.35, 112.75, 112.00

Trading scenario

• Recommended opening short positions (Sell) at the current price, with Take Profit of 112.75 and Stop Loss of 113.50

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 113.75, with Take Profit of 114.45 and Stop Loss of 113.35