USDJPY Technical Analysis 19.12.2016

USDJPY

The pair is correcting downwards after the recent strong rise, which is caused by the pre-holiday low investors' activity, as well as by the fact that the pair is technically overbought. It is possible that the correction will continue for some time, but we still think that the pair has a good potential to rise.

The price is on the middle Bollinger band, lower than SMA5 and SMA14. RSI is lowernig. Stoch are entering the oversold zone.

Trading recommendations: If the price falls lower than 117.00, there is a chance of its local fall to 116.00, from where it can be bought with the consideration of it's possible rise up to 118.40.