USDJPY Daily Outlook for 12th December 2013 (Thursday)

USDJPY Daily Outlook for 12th December 2013 (Thursday)

Daily Chart

Current view - Still in a bull until a lower low is shown on a daily

• The longer trend is up, and past week we had some retraces, and the current retrace has not produce a lower low yet, so the uptrend is still possible.
• Note divergence and double topped has formed.

Hourly Chart

• I have drawn a trendline in the Hourly chart, where yesterday it had some rejection of the 61.8 retrace area.

Outlook Trade opportunity

For today hopefully could perform in Asian session . We will trade of the 61.8% retrace as shown in the Hourly Chart so :
#1 - Buy at 102.31, TP 20pips, Stops 15pips

**Updated** 08:34GMT0
*Bearish Butterfly found on 15min chart)
I have placed sell orders at around 102.876 - looking for TP1 10pips, TP2 - 20pips

Risk Level Medium

Tips -

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