USDJPY Daily Outlook for 17th December 2013 (Tuesday)

USDJPY Daily Outlook for 17th December 2013 (Tuesday)

Daily Chart

Yesterdays candle shown good buying pressure at the 88.6 fib. This works well with this uptrend which have a good possibility of forming new highs.

• Divergence on stochastics RSI

Hourly Chart

As we are working on a upward channel , and showing buying interest , i believe today we should open long orders.

• In Chanel - currently testing its bottom line, therefor good possibility for bounce higher
• Found good support , yesterday at around the 102.5 - market has no reason to retest those prices today as it will be falling out of the rising chanel
• Daily pivot is 102.973 - should be a good area to place longs

Outlook Trade opportunity

As explained in my hourly bullet points, we are travelling in a upward chanel. therefore Long order is ideal. around the blue area shown on the graph 
#1 - Long at around Daily pivot is 102.973 - should be a good area to place longs

Take Profit partially at 50% retrace, then R1

Risk Level medium

Tips -

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