Source: ForexYard
The USD/JPY pair has been range-trading for the past ten weeks, shifting between the 81.00 and the 84.50 levels. The pair recently reached a significant support level yet failed to cross it. As a result, the USD/JPY began climbing upwards, and still looks to reach higher. As several technical indicators show, the pair has potential to reach as high as the 84.50 level.
• The chart below is the USD/JPY 1-day chart by ForexYard.
• It is clearly seen that the pair’s trading was mainly characterized by ups and downs lately, without marking any real trend.
• The pair saw several failed attempts to breach through the 81.50 support level. As a result, it bounced back up and is currently trading near the 82.50 level.
• A bullish cross on the Slow Stochastic indicates that the bullish momentum has more room to go.
• The RSI has recently crossed the 30-level and is still pointing upwards. This indicates that the bullish move could proceed.
• In addition, the MACD looks to complete a bullish cross soon. If the bullish cross will indeed takes place, it could be used as further evidence that the upward movement will continue.
• The pair’s next resistance levels are located at the: 82.85, 83.50, 84.00 and the 84.50 level.
• The pair’s next support levels are at: 82.30, 81.50 and 80.90.
Forex Market Analysis provided by ForexYard.
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