The USD/JPY
has been in a well-defined bearish channel, but during the past two days it has
been rising until reaching the upper trendline of the channel. It is possible
for the pair to try to change its trend to the upside, but in order for the
trend reversal to take place it would have to first break above the 55 day EMA
(purple line), the upper trendline, and the 114.00 level. At the moment, those
factors have been holding the price back, but a break out of that zone could
accelerate the bullish momentum on the pair all the way towards the 116.00
level. Anyways, for that to happen the Dollar would have to continue gaining
strength and the Yen would have to be pressured by a rise in risk appetite. To
the downside, the 112.00 level could act once again as a support, but the 200
day EMA (blue line), could act as a better support.
I was certain it would sooner or later.
ReplyDeleteVery helpful informaiton, thank you for sharing!
ReplyDeleteLet's see whether the move to the upside will continue next week.
ReplyDeleteGood point! I´ll be watching to those levels.
ReplyDeleteVery good!
ReplyDeleteGreat post! I fully agree with your view.
ReplyDeleteGood point, I'll keep watching.
ReplyDeleteValuable analysis.
ReplyDeleteGreat analysis as usual.
ReplyDelete