Sasha Singh
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USDJPY : Currently Seems Supported by 200 day SMA, Break Out May Occur

USDJPY : 4 Hour Chart

US dollar today strengthened against Japanese Yen finding support from the 100 day SMA but the gains should be limited as it should again find resistance from the falling resistance trend line on the pair. The key resistance to watch if the pair continues to rise is at 102.72. Breaking this resistance will open the doors for the 103.01 level. However the movement of 50 day SMA below the 100 day SMA is signaling that the pair will most probably decline from the falling resistance trend line. Overall the pair seems consolidating within a symmetrical triangle and may breakout or break down.

USDJPY : Daily Chart

On the daily chart, the pair seems supported by the 200 day SMA which might push the pair upward. However the key resistance level to watch for the surge in the pair as earlier mentioned is at 102.72 and 103.01. Breaking above the 103.01 might push the pair up to 103.91. Fundamentally the series of strong US data continue to support US Dollar. In my opinion the pair will again try to hit the 103.01 resistance level.