Wednesday, 3 August 2016

USD/JPY is sparking something to breakthru

The USD/JPY pair is currently located above the support line at 100.678, where yesterday was marked the intraday low. In case of closing lower than yesterday’s high at 102.793, the pair would finish the session composing an inside bar. Anyway, the macro agenda for tomorrow will provide the NFP data for the last month and it is going to be the greatest market mover for the greenback pairs.
Meanwhile a falling wedge is in process of forming, as seen on the H1 chart. Withing the next two days we might witness bulls targeting to 102-103 area. Resistance is seen at 102.646 and support is located at 100.678. In the early trading hours RSI was showing oversold market, but currently is around 40% and confirms the bullish price movement.  
In short term USD/JPY is consolidating ahead of the NFP release, but the pair is sparking something to breakthru.


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