The USD/JPY currency pair on the hourly time frame has been following an uptrend recently. The price jumped above 111.500 on 3 April amid strength in USD and weaker than expected Japanese economic data. The price registered the highest level in more than 3-weeks on 5 April when the price recorded 111.806. As of now, the price is hovering around 111.640
The hourly chart of the USD/JPY confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the USD/JPY. RSI (Relative Strength Index) showing values above 50 which supports the bullish outlook.
In alternative scenario, key support level lies at 110.815 (The low of 1 April). Bears must break this level to regain bearish sentiment.
The hourly chart of the USD/JPY confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the USD/JPY. RSI (Relative Strength Index) showing values above 50 which supports the bullish outlook.
In alternative scenario, key support level lies at 110.815 (The low of 1 April). Bears must break this level to regain bearish sentiment.