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USD/JPY- Trading In An Upward Channel

Published 03/08/2013, 05:16 AM
Updated 02/02/2022, 05:40 AM

The USDJPY pair has completed its symmetrical triangle pattern towards the upside on a 30 minute time frame, as shown in the chart. We predicted this pattern in our analysis during the past 2 days. The price action also has broken its resistance level as we predicted yesterday, because the price was visiting this level for a third time and the upward momentum was strong.

The USDJPY pair is trading within an upward channel as shown in the chart. The RSI is showing a sign of deflection in relation to its price action which means we could see a pause or trend reversal soon. If we do see a piercing of Bollinger band at its resistance level mentioned below-this could be considered as an odd enhancer.
<span class=USD/JPY M30" title="USD/JPY M30" width="1439" height="795">
Important Zones
Resistance Zone
95.71-95.59

Support Zone
94.45-94.27 (previous resistance)
92.24-92.13
91.11-90.85

DISCLOSURE & DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.

by Naeem Aslam


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