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USDJPY : Might Trim Some of its Gains in Short Term

USDJPY : 4 Hour Chart

USDJPY currently seems to be following an ascending triangle trend on the 4 hour chart according to which it should breakout from the resistance at 118.81. The 50 day SMA also seems to be a key support for the pair currently however the 100 day SMA seems to be preventing the pair in rising further. If the pair breaks down from the rising support trend line of the ascending triangle, the bullish signal will fade away and the pair might trim some of its gains. 

After breaking out from the resistance level shown in the above chart, there is another key resistance which will prevent it in rising further. On the other hand if it declines below the rising support trend line the nearest support it will find is at 117.40.

USDJPY : Daily Chart

However the long term trend still seems bearish as on the daily chart there seems a descending triangle trend according to which it should decline below the key support at 116.07. The 50 day SMA also seems like providing resistance to the pair. If it decline below the key support of the triangle and finds support from the 100 day we can expect the pair to again rise above the 50 day SMA and trim its losses. However if it continues to decline below the 100 day SMA as well, then bearish trend will continue to dominate the pair.