Sasha Singh
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USDJPY : Moving Average Showing Continuation of Uptrend

USDJPY firmed today consolidating in a range and waiting for a breakout from any of the two contracting trend lines on the hourly chart shown above. The pair may break the resistance trend line showing the continuation of uptrend or break the support trend line showing the continuation of downtrend. However the bias is towards the continuation of uptrend as we can see that the 50 day SMA crossed above the 100 day SMA. According to a data in Japan, April bank lending rate rose 2.2% on YOY basis and the March current account balance was 116 billion yen as compared to the economists expectation for a surplus of 305 billion yen but still showing surplus.