Since mid-June the USD/JPY pair broke the bearish trend line
and is seen marching higher. Today the pair crossed to above the key level at
114.00 and marked two-month high at 114.17.
The stronger NFP numbers today supported the greenback that was also supported
by the rising yields.
On the four-hour frame the 100-day SMA has crossed to above the 200-day SMA,
while the 20-day SMA is showing strong bullish trend with all SMAs below the
price development. RSI is aiming to positive territory and stochastic is
displaying strong bullish momentum but has lost directional strength. Both indicators
are quite hesitant to confirm further rally.
The pair recently is marking higher highs and higher lows and the outlook would
turn into bearish only is breaking this structure.
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