Sasha Singh
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USDJPY : Broke Out From Triangle Consolidation

(USDJPY : 4 Hour Chart)

USDJPY finally broke out from the resistance trend line of the symmetrical triangle and experiencing resistance from 100 day SMA or 102.18. If the pair breaks this level it will continue its bullish movement towards 102.28. Also on the stochastic oscillator the %K line has just crossed below the %D line giving a bullish signal. The surge came after the release of the Consumer Confidence and New Home Sales Data both of which were better than the economist's expectations.

The New Home Sales rose to six year high surging to 504K which economists were expecting to increase to 442K. On the other hand the consumer confidence index jumped to 85.2 in June from 83.0 last month which is the highest reading since January 2008 and better than the economist's expectation for an increase to 83.6.