The USD/JPY pair is trading above its upward trend line on a 60 minute time frame. This represents that the trend is towards the upside. The price has bounced from its 100 day (shown in red) moving average and as long as it stays above this moving average, it confirms that the bulls are in control of the price. However, it is also important to note that the price is also trading below the 50 day (shown in green) moving average which shows a little weakness in the price.
The RSI is also trading below its downward trend line and in line with the price action and as long as we do not see a break of this above its downward trend line, any upward move in the price could be a questionable.
Resistance Zone
105.41-105.18 Major
104.93-104.70 Minor
Support Zone
102.73-102.49 Major
102.17-101.97 Minor
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