USDJPY December 10th 2018 technical analysis
From the beginning of November, the USDJPY weekly chart has been caught between the supply range 115.50-113.85 and the reopening of 2018 at 112.65. Below the neutral phase, the weekly demand area is 111- 48-110, 38, and the failure of the current supply area could bring USDJPY to a reopening rate of 2017 at 116 97. Given that USDJPY finished last week at 112.65, we will probably see a sharp rise in market pressures this week.
On the USDJPY daily chart, the pair has recently hit the 109.77 support line. However, it is not yet clear that the uptrend will break and USDJPY will support 112.11, or that the market will continue to climb. On Friday, the USDJPY 4-hour chart showed that the market continued its upward moves from the demand range of 112-36-112.19, but failed to reach the Rand rate of 113.
Price action strategy
Although long-term charts are indicative of USDJPY bullish movements, it is hard to determine where to enter the USDJPY purchase deal. Perhaps it would be better to wait for the USDJPY to collide with the quadrant at 112-36-112.99 or the Rand 112 rate, and then enter the USDJPY purchase deal.