Sasha Singh
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USDJPY : Trading in Oversold Zone

USDJPY is heading lower today. Upbeat US PMI data was not able to provide surge to the pair. Seems like the investors are concerned about the tensions in Ukraine which support the Japanese Yen. 

Descending Triangle: Technically the pair will find support from the key support at 101.70 at the hourly chart. We can see that the pair is also facing resistance from the downward sloping resistance trend line. The pair might rise from the support level till it find resistance from the falling resistance trend line. It will continue to trade within this descending triangle until there is a breakout or a break down. However the descending triangle indicates that the pair should continue to follow this downtrend by breaking the support.

Moving Average: 100 day SMA just rose above the 200 day SMA to indicating that the pair is going to follow uptrend.

Stochastic Oscillator: In the Oscillator we can see that the pair is trading in the oversold zone.