Sasha Singh
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USDJPY : Next Resistance at 102.35 in Focus

(USDJPY : 4 Hour Chart)

USDJPY is showing some bullish movement today breaking the key resistance at 102.10. The surge came after the 50 day SMA crossed the 100 day SMA to move above on the 4 hour chart. Although we might see some gains in the pair but as the pair is now in the overbought zone, it might pause its gains anytime. On the 4 hour chart prior to the breakout the pair was following an uptrend experiencing support from the rising support trend line. The next resistance the pair may find is at 102.35.

(USDJPY : Daily Chart)

 On the contrary if looking at the daily chart, the pair was following a downtrend and the pair broke out from the falling resistance trend line reversing the downtrend to uptrend. Currently the pairs seems like testing resistance from the 50 day SMA.

ISM is also going to release Manufacturing PMI data today at 10:00 AM EDT which might change the direction of the pair if doesn't meet economists expectations.