USDJPY Daily Outlook for 19th December, 2013 (Thursday)

USDJPY Daily Outlook for 19th December, 2013 (Thursday)

Daily Chart

Wow, what a day we had!, Finally a clear break up and now trading in the 104's. 

Any retest of the previous resistance which now become support would be a good opportunity to ride it up a little further before a big downturn is expected.

• Currently RSI and stochastics are just under overbought condition. 
• Next resistance comes at 105.50 which is a long time 61.8% retrace level, 
• We have to take note a potential bearish butterfly is possible from the ranges up to around 105.50

Hourly Chart

• Huge break up to the 104 in the last trading hours of the day
• Stochastic and RSI are overbought
• In a channel
• Prices paused and retraced at the 127.20 fib extension
• Support is 103.90, any long opportunity could be entered around this area

Outlook Trade opportunity

If prices goes and retest the 103.90-104 - we will initiate longs
#Trade 1 - Buy at 103.90-104.0 - TP minimum 1:1 reward ratio

Risk Level - Medium

Tips -

Always take note of any economical news event on our provided calender below