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USDJPY : Rising Support Trend Line Pushing the Pair Up, However Still Within Long Term Consolidation

(USDJPY : 4 Hour Chart)

USDJPY today surging ahead of the Fed chairman Janet Yellen testimony and Japan Monetary Policy Statement. The pair is experiencing support from a rising support trend line on the 4 hour chart. On the other hand there is a falling resistance trend line on the chart till which the pair might continue to rise. The 50 day SMA and 100 day SMA signaling that the pair will continue to follow the uptrend and the pair might rise breaking the resistance trend line of the triangle.

Investors are expecting Bank of Japan to signal no change in the bank's current monetary base target. On the other hand Fed Chair Yellen is going to address the questions from Congress. Investors will be closely looking at the tone of the Fed Chair.

(USDJPY : Daily Chart)

The long term view on the pair however is suggesting some different trend. On the daily chart the pair seems consolidating within a descending triangle and the gains would be limited to the falling resistance trend line of the triangle. The 50 day SMA also contracting towards the 200 day SMA signaling a continuation of bearish trend.