Yesterday the USD/JPY pair
moved 131 pips higher after an amazing rally. Today we’re witnessing acceleration
of the bulls’ strength as the pair is testing the 114.00 level. The positive
bias is confirmed by crossing to above the bearish 20-day SMA. This breach undoubtedly
will open doors to 115.00 region, where the 55-day SMA is acting as a
resistance. On the daily chart technical indicators are firming the continuation
of the upside run. Meanwhile bears visited several times the 111.50 area, where
the 100-day SMA is acting as intermediate support, but yet can not enough power
to pass through it. The near-term bias has shifted to bulls’ camp.
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