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05.12.201808:22 Forex Analysis & Reviews: Forecast for USD/JPY on December 5, 2018

Long-term review

USD/JPY

For the sixth week, the Japanese yen has been unable to break away from the price channel line of the daily timeframe. And most often this was prevented by local collapses in the stock markets. So it happened this time. Yesterday, the US Dow Jones index fell by -3.1% due to criticism of the "truce" of Donald Trump with XI Jinping and the yen lost 85 points. And as it was before, the price found support on the Krusenstern line of the daily scale.

The Japanese Nikkei 225 lost 0.96%,today but the Chinese China A50 by only -0.17%, which gives hope for a speedy recovery of other Asia-Pacific indices. In the US, the stock market may also recover on the nearest economic data. Tonight, the "Beige book" will be published, and the employment data will be released on Friday.

We are waiting for the price to return over the trend line of the price channel (113.12), after which the target of the upper line of the channel in the area of 115.15 will again attract bullish players.

Exchange Rates 05.12.2018 analysis

Exchange Rates 05.12.2018 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2022
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