Sasha Singh
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USDJPY : Strengthened But Still Seems Consolidating

(USDJPY : 4 Hour Chart)

USDJPY is showing some strength today surging from the rising support trend line 4 hour chart. The pair seems like following a rising channel uptrend currently testing resistance from 100 day SMA. If it crosses above this resistance, it will find the next resistance from the rising resistance trend line. On the stochastic oscillator the %K line is below the %D line showing that the pair will continue to follow the uptrend.

(USDJPY : Daily Chart)

However if looking at the daily chart, the pair still seems to be consolidating within a triangle. The pair might break out or break down from the resistance trend line or support trend line respectively. If the pair break down the nearest support it will find is at 101.41 and if break out from resistance trend line the nearest resistance it will find is at 102.72.