Yesterday we saw a small decline in the USD/JPY and it made a move to test from above the downwards moving trendline taken from 8th of January, which was recently broken. Today, we are seeing a good bounce from that line to the upside, which is bringing short-term strength back on the table.
Looking at the 4h chart, we can see that USD/JPY is very close to its key level of resistance, at around 107. A strong push above it could lead the pair towards the 108 mark. Looking at our oscillators, the RSI is above 50 and pointing upwards, which is a bullish sign for the pair. The MACD indicator is above 0 and it seems that it is trying to pick up pace again for a move up.
On the downside, a move back below the downwards moving trendline, could take the pair back down to 105.550, where a break could open the path towards the round number of 105.
Check out our Trader's Espresso and Trader's Tea Time videos on Youtube.
Looking at the 4h chart, we can see that USD/JPY is very close to its key level of resistance, at around 107. A strong push above it could lead the pair towards the 108 mark. Looking at our oscillators, the RSI is above 50 and pointing upwards, which is a bullish sign for the pair. The MACD indicator is above 0 and it seems that it is trying to pick up pace again for a move up.
On the downside, a move back below the downwards moving trendline, could take the pair back down to 105.550, where a break could open the path towards the round number of 105.
Check out our Trader's Espresso and Trader's Tea Time videos on Youtube.