Sasha Singh
All posts from Sasha Singh
Sasha Singh in Sasha Singh,

USDJPY : Still Seems Supported, Consolidating Within a Symmetrical Triangle

USDJPY : 4 Hour Chart

USDJPY still seems supported even after the missed US Retail Sales Data. The pair currently seems like testing support from the 50 day SMA. On the 4 hour chart, the 100 day SMA also seems to be a key support area as it has prevented the decline in pair couple of times. The rising support trend line also seems to be providing support since a long time. On the other hand there is a falling resistance trend line preventing the pair in moving further up. So if the pair continues to rise it might again find resistance from this falling resistance trend line. Overall the pair seems consolidating between two contracting trend lines. Within this consolidation there is a key resistance at 102.43 which the pair is currently testing. So there seems limited gains but extended losses.

USDJPY : Daily Chart

On the daily chart, we can see that the pair is still below the resistance at 102.43. Levels to watch are the resistance trend line and the resistance at 102.78. Breaking above these level might again open the bullish bias for the pair. However for bearish bias to be build the pair have to decline below the support at 101.08.