Strategy in Play:
The USD/JPY has formed a double top on a 60 minute time frame. However, the price is trading sharply above the upward trend line and has not broken this line so far which suggest that the uptrend I still in tact. Moreover, it is also trading above the 50 day (shown in green) and the 100 day (shown in yellow) moving averages which means that the bulls are in control.
The RSI is trading in line with the price action which means that the upward momentum could continue.
Important Zones
Resistance Zone
100.60-100.37 Major
99.08-98-.81 Minor
Support Zone
97.26-97.11 Minor
96.54-96.37 Major
by Naeem Aslam