JPYBASKET Challenging Moving Average Resistance

The left chart shows FXCM's JPY index, the JPYBASKET, challenging its black 20-day SMA. The SMA is also hinting that it might turn up. At the same time the daily RSI is looking to move above 50 (blue rectangle), which is indicative that an underlying bullish momentum might be building. The right chart shows the hourly time frame. We note that the hourly RSI is positive (green rectangle). If the hourly EMAs show further angle and separation, moving upwards, we may see a shift in the daily momentum towards the bullish side. We continue to watch.