Sasha Singh
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USDJPY : Back To Consolidation

(USDJPY : 4 Hour Chart)

USDJPY yesterday broke out from the triangle consolidation after the upbeat US data came out but again fell down after finding resistance from the 100 day SMA to trade within the triangle. 50 day SMA was contracting towards the 200 day SMA to cross below but was not able to cross. If it does the pair might break down from the rising support trend line finding nearest support at 101.64. The bias is towards the downtrend as triangles trend signals that the pair will continue to follow the existing trend which is currently downtrend on USDJPY. However the pair might also reverse the trend by breaking from the falling resistance trend line. The nearest resistance if the pair surges is at 102.18 and 102.28.