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.
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