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USDJPY : Bullish Expectations

USDJPY lost some grounds today during the Asian session after the National Bureau of Statistics in China reported that China’s home price rises for the first time in 14 months in January, which once again raising the concerns over the economic downturn which was evident for the past 10 months. The easing housing inflation shows that the housing demand is cooling off and thus may weaken the construction activity also. Yen strengthened over the concern for the china’s property market which dragged the Asian stocks and boosted the demand for safe haven currencies. However USDJPY trimmed some of its losses after that and continued its uptrend. 

The 4 hour chart gives a bullish sign which can be seen through the ascending triangle within which the pair is consolidating. On the stochastic oscillator the signal trend line (Red dotted line) just crossed the moving average trend line (Solid blue line) giving a signal of uptrend continuation.